Renew Capital announced its investment in Sevi on Tuesday in order for the ‘stock now, pay later’ platform to grow its AI-powered stock finance platform for retailers and wholesalers.
The Central Bank of Kenya-regulated fintech business Sevi is transforming stock finance for retailers and wholesalers with its “stock now, pay later” platform. By giving consumers credit access and guaranteeing upfront payments to suppliers, Sevi tackles the issue of inadequate working capital.
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The app uses AI and machine learning to improve its credit evaluation process, providing a smooth, dependable solution for credit transactions between suppliers, retailers, and credit funds.
With Sevi, retailers can order stock on credit and suppliers like Coca-Cola, Anytime, and Philmed receive direct payments for their products, allowing them to expand their businesses.
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The mission of Sevi to empower wholesalers and retailers
“Our mission is to empower wholesalers and retailers by providing them with the working capital they need to grow their shops,” said Walter Aan de Wiel, founder of Sevi. “With our app, retailers can access stock on credit, repay easily and focus on expanding their businesses, while suppliers benefit from upfront payments.”
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Sevi’s creative strategy, which operates on a one-week credit cycle, lowers supply chain friction, facilitating easier transactions and greater efficiency for suppliers and merchants alike.
“Sevi is solving a critical working capital gap in the FMCG sector,” said Calvin Chitangala, investment and project manager at Renew Capital. “Their platform makes stock financing more accessible and efficient, empowering businesses to grow faster.”
With the investment from Renew Capital, Sevi intends to expand its network of suppliers and retailers, improve the functionality of its platform, and keep promoting financial inclusion for retailers and wholesalers.