Watu Credit Expands BNPL Model to Latin America After African Success
Watu Credit, the Kenyan buy-now-pay-later (BNPL) startup, is making a significant move into Latin America, signaling its confidence in a business model honed on the African continent. What began in 2015 with a modest cash loan to a women’s group in Mombasa has blossomed into a transcontinental expansion, driven by the belief that Latin America presents a similar opportunity to serve a large, unbanked population.
# Leveraging African Experience for Global Growth
Following its initial entry into Mexico, Watu Credit is now setting its sights on Brazil as part of an ambitious growth strategy. The company’s goal is to reach $340 million in revenue by 2025, building on a year of impressive growth where revenue jumped 67% to $230 million in 2024. According to CEO and co-founder Andris Kaneps, the challenges of operating in Africa, encompassing regulatory hurdles, logistical complexities, and day-to-day realities, have uniquely prepared Watu Credit for success in other emerging markets. “We always joke that if you can do business in Africa, you can do it anywhere,” Kaneps stated, highlighting the company’s resilience and adaptability.
Watu Credit’s expansion underscores the increasing potential of African fintech companies to scale their operations and compete on a global stage, demonstrating the power of innovative solutions developed in response to unique African challenges.
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