Kenyan fintech FlexPay is revolutionizing how consumers save for their future purchases

FlexPay Technologies, a Kenyan fintech company, aims to make products more affordable for consumers who might otherwise find them out of reach. The startup enables customers to shop at partner merchants, reserve products, and pay for them over a period of time at no additional cost. FlexPay initially partnered with a Kenyan retailer during its launch but scaled up in 2020, and it now has a network of 600 partner merchants. The company plans to expand its "save now, buy later" offerings and is in the process of forming partnerships that will allow users to book and pay for flights and hotels. FlexPay has a commission model and has served over 200,000 customers so far. It is set to launch in Uganda and Nigeria soon.

The "save now, buy later" model of FlexPay differs from the credit-driven buy now, pay later (BNPL) model that charges interest and requires a good credit score. FlexPay believes that its model is better suited to the African market and is collecting data to build affordable and sustainable financing products. The company has raised $785,000 in funding from investors, including the Acacia Group, LoftyInc, Expert Dojo, Google Black Founders Fund, and Renew Capital.