Engage Capital, a prominent venture capital firm with a focus on the Kenyan market, has put forth a substantial $24.5 million offer to acquire Lipa Later, a Kenyan buy-now-pay-later (BNPL) startup. This significant bid comes after Lipa Later entered administration in March 2025, following its inability to secure fresh capital. The proposed acquisition, if successful, could mark a rare and crucial turnaround for a Kenyan startup navigating the complexities of administration, potentially setting a precedent for the broader African tech ecosystem.

This potential acquisition is more than just a financial transaction; it represents a significant development in the Kenyan startup landscape. Successfully navigating a company out of administration through a strategic sale is uncommon, particularly in Africa’s rapidly evolving tech sector. Should the deal finalize, it would provide a much-needed lifeline to Lipa Later and could inspire confidence in the resilience and potential for recovery within the African startup ecosystem, especially for companies facing financial distress.

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