Eric Muli (Lipa Later): 10 Key Things You Must Know

Overview

Eric Muli is a prominent Kenyan entrepreneur best known for founding and leading Lipa Later Group, a pioneering fintech company revolutionizing consumer credit in Africa through the Buy Now, Pay Later (BNPL) model. As CEO of Lipa Later, Muli has played a critical role in expanding access to flexible payments and credit for consumers and businesses across multiple African countries, including Kenya, Nigeria, Uganda, Rwanda, and Tanzania. His journey from a keen student of finance and economics to a technology innovator reflects a blend of vision, resilience, and leadership. This article uncovers key insights about Eric Muli, his innovative startup, and his influence on Africa’s digital finance landscape.

1. Early Life and Education

Eric Muli grew up in Kenya and attended the prestigious Strathmore School before earning a scholarship to Babson College in the United States, renowned for its entrepreneurship programs. At Babson, he graduated in 2014 with a Bachelor of Business Administration (BBA) specializing in Finance and Economics. Furthering his education, he completed the Stanford Seed program at Stanford Graduate School of Business in 2019. His academic background laid a strong foundation in business strategy, finance, and innovation critical to his entrepreneurial success.

2. Entrepreneurial Beginnings and Early Ventures

Before founding Lipa Later, Muli gained valuable experience in finance and business development. Early in his career, he served as a project manager at the Better Business Bureau and as a corporate finance intern at K-Rep Bank, sharpening his financial analysis skills. Additionally, while still in university, he co-founded Jossle, an action marketing company providing solutions for large brands like Microsoft and Uber. He also started Alpha Force Security Ltd, a security services company operating in Nairobi.

3. The Founding of Lipa Later

Inspired by the lack of accessible installment payment solutions in Kenya, Eric Muli founded Lipa Later in 2017 with his co-founder Michael Maina. Spotting an opportunity to empower consumers who could afford essential products but lacked credit access, they created a digital banking platform enabling merchants to offer Buy Now, Pay Later options and businesses to manage cash flow more effectively. Lipa Later’s mission was to bridge financial gaps and promote inclusion across Africa’s emerging markets.

4. Lipa Later’s Growth and Pan-African Expansion

Since its inception, Lipa Later has grown rapidly, expanding from Kenya into other African markets such as Nigeria, Ghana, Uganda, Rwanda, and Tanzania. The platform now works with over 35,000 retailers and serves more than 500,000 consumers continent-wide. The company has raised significant venture capital, including $12 million in January 2022, to support its expansion. Lipa Later has become a key player competing with platforms like Aspira and Flexpay in Africa’s burgeoning BNPL fintech sector.

5. Recognition and Awards

Eric Muli’s entrepreneurial achievements have won him numerous accolades. Forbes included him among Africa’s Top 30 Under 30 entrepreneurs, while the Business Daily recognized him as one of Kenya’s Top 40 Under 40 men. Under his leadership, Lipa Later was identified by the London Stock Exchange Group as one of Africa’s most inspiring companies. In 2023 and 2024, the Financial Times and Statista listed Lipa Later as one of the fastest-growing fintech companies in Africa.

6. Business Model and Services

Lipa Later operates a dual-sided platform: providing businesses with invoice financing to improve cash flow, and offering consumers flexible installment payments for purchases of electronics, furniture, and other retail goods. The platform enables merchants to get paid upfront while consumers repay over time in manageable installments. This model boosts sales for retailers and financial inclusion for consumers, particularly the young and those without traditional collateral.

7. Financial Challenges and Administration Status

Despite its growth, Lipa Later faced financial difficulties. In early 2025, the company was placed under administration due to unresolved debts and failed fundraising efforts. An appointed administrator took over company operations to manage creditor claims and restructure the business. Prior to administration, efforts to raise fresh capital included offers from investors such as Engage Capital and Advance Global Capital, with funding aimed to support expansion and invoice factoring facilities.

8. Expansion Strategy and Future Prospects

Lipa Later’s immediate expansion plans focus on deepening its presence in existing markets rather than geographic diversification. The company aims to expand its product offerings within digital banking and fintech services, aspiring to develop a differentiated banking model tailored to African consumers and SMEs. This product-focused expansion seeks to drive greater financial inclusion and enhance merchant and consumer experiences.

9. Eric Muli’s Personal Life and Interests

While Eric Muli is a public figure for his business endeavors, he keeps his personal life relatively private. Details about his wife and wedding are not widely publicized. Outside work, he enjoys playing competitive tennis and is actively involved in community initiatives focused on entrepreneurship and economic empowerment.

10. The Impact of Lipa Later on Africa’s Financial Ecosystem

Eric Muli’s work with Lipa Later has transformed shopping and credit access for thousands across Africa, offering alternatives to cash-dependent transactions. By innovating in BNPL solutions, the platform reduces barriers for credit and increases purchasing power for young professionals and SMEs. Lipa Later’s model raises important discussions on credit risk, regulatory frameworks, and the future of digital financial services within the continent, positioning it as a crucial player in Africa's fintech revolution.

Conclusion

Eric Muli’s journey from a finance student to a fintech innovator reflects the rising tide of African entrepreneurship addressing local challenges with global solutions. His leadership of Lipa Later has not only driven significant developments in consumer credit but also underscored the critical need for financial inclusion across Africa. Although recent financial troubles have posed challenges, the vision for accessible, flexible financial services continues to inspire many. As Africa’s digital economy evolves, Muli’s story provokes reflection on how innovation and resilience can reshape economic landscapes and improve lives.