Bitbond Partners with BitPesa to Improve Lending to African SMEs
Small business and ecommerce loans specialist Bitbond is joining forces with African payment services provider BitPesa.
Bitbond, based in Berlin, Germany, connects investors with small business owners who need loans, using bitcoin for payment processing to make cross-border lending possible.
By working with BitPesa, borrowers who receive funding on Bitbond can now have their loan paid out directly to a mobile device or bank account. The integration between Bitbond and BitPesa is now live in Kenya, Nigeria, Uganda and Tanzania.
Founder and CEO of Bitbond Radoslav Albrecht said: "10% of our global user base comes from Sub-Saharan Africa. We are excited to work with BitPesa in this region because there is a huge unmet demand for small business financing. Together with BitPesa, we can significantly improve our service. This means that a small business owner from Kenya can receive loan funding from investors from all over the world via Bitbond and have the funds paid out to his mobile money account in 20 minutes. This is an unprecedented level of innovation and convenience in the entire online lending space."
Bitbond is the first global marketplace lending platform for small business loans, with users from over 120 countries.