Kafene Raises $75m Funding

Fazzaco learned that Kafene, a provider of credit for US underbanked customers, has raised a $75 million funding which was led by Credit Suisse with participation from Hudson Cove Capital Management, Valar Ventures and Third Prime.

Kafene intends to use this funding to scale its retail footprint and significantly expand delivery of its financing platform to the 100 million-plus underbanked US consumers with limited or no access to credit.

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Neal Desai, co-founder and CEO of Kafene, said: "The ability to secure debt financing and equity investment underscores the stability and trajectory of our business. This additional capital will help drive the next phase of our growth strategy."

About Kafene

Kafene is centred on the point-of-sale financing market, providing the underbanked with interest-free buy now, pay later (BNPL) and lease-to-own options. It uses AI and machine learning to offer purchasing solutions to these consumers for furniture, appliances, electronics, tyres and other goods. The Kafene platform manages underwriting, approval and payment enablement.