Michael Maina (Lipa Later)
Overview
Michael Maina is a prominent Kenyan entrepreneur and co-founder of Lipa Later, a fintech company that specializes in Buy Now, Pay Later (BNPL) services in Africa. As of 2025, he serves as the Chief Operating Officer (COO) at Lipa Later, which he co-founded alongside Eric Muli. The company is renowned for its innovative approach to point-of-sale financing, enabling consumers to make purchases and pay in installments. Michael Maina's work primarily focuses on enhancing financial inclusion across Africa, leveraging technology to expand consumer purchasing power.
Recent Developments
- March 27, 2025: Lipa Later was placed under administration amid operational challenges. Joy Vipinchandra Bhatt of Moore JVB has been appointed as the company's administrator, taking control to investigate financial matters and recommend solutions, which may include restructuring or potential winding up. During this period, the powers of the company's directors in decision-making are paused unless approved by the administrator.
- Early 2025: Lipa Later has built a consumer base of 350,000 across Kenya, Uganda, and Rwanda, collaborating with over 35,000 merchants. The company raised Ksh. 500 million through a debt issue to bolster these operations.
- September 2023: Lipa Later gathered $1.2 million from retail investors, valuing the company at $30 million. The move marked an expansion in its financial strategies, aiming to strengthen its market position.
- 2022 Acquisitions: Lipa Later acquired the e-commerce platform Sky Garden, which was then struggling with insolvency. This strategic acquisition was part of its broader plan to enhance its market footprint amidst competitive pressures.
- January 2022: The company successfully raised $12 million through a debt-equity pre-Series A funding round. This capital was directed towards expanding Lipa Later's services into more African markets, emphasizing increased consumer financial access.
Personal Information
| Attribute | Information |
|---|---|
| Full Name | Michael Maina |
| Born | Nairobi County, Kenya |
| Nationality | Kenyan |
| Occupation | Entrepreneur, COO of Lipa Later |
| Known For | Co-founding Lipa Later |
| Net Worth | Not publicly disclosed |
| Education | University of Nairobi, Kenya School of Law |
Early Life and Education
Michael Maina was born and raised in Nairobi County, Kenya. He pursued his higher education at the University of Nairobi, where he completed his undergraduate studies. Later, he attended the Kenya School of Law in 2015, gaining a graduate diploma in law. This educational background laid a robust foundation for his foray into the business and finance sectors. Maina’s early interest in business and law significantly influenced his career trajectory, eventually leading him to co-found Lipa Later.
Career and Notable Achievements
Michael Maina's professional journey began with roles in consultancy and finance. Between 2014 and 2015, he worked as an Associate Consultant at Africa Business Partners, gaining valuable industry insights. His tenure at Odyssey Capital Ltd from 2017 helped him hone his leadership and operational management skills, which later proved crucial in his role at Lipa Later.
- 2015: Co-founded Lipa Later, focusing on consumer credit solutions in Africa through BNPL services.
- 2022: Led the company in acquiring significant funding and expanding into new markets, including Uganda and Rwanda.
- Acquisitions and Innovations: Spearheaded strategic acquisitions, such as Sky Garden, and innovation partnerships, setting new benchmarks in African fintech.
Current Work and Impact
As of 2025, Michael Maina remains a pivotal figure in Lipa Later’s operations, helping navigate the company through financial restructuring and administration. His efforts in the fintech industry have significantly impacted financial inclusion in Africa, offering innovative payment solutions that empower consumers and retailers alike. Although the company faces challenges, Maina's strategic vision continues to focus on enhancing service offerings and expanding market reach.
Conclusion
Michael Maina stands as a pivotal leader in the African fintech space, dedicated to driving financial inclusion through innovative BNPL services. His contributions as the COO of Lipa Later highlight his commitment to leveraging technology to empower consumers and merchants across Africa. Despite current financial challenges, Maina's forward-looking strategies and resilience suggest a lasting impact on the industry and a potential recovery, enriching the consumer credit landscape in the region.