Top 100 Kenyans 2022: Eric Muli, From Intern to Running Multi-Billion Firm Operating in 6 Countries – Kenyans.co.ke
Eric Muli is the founder and Chief Executive Officer (CEO) of Lipa Later, a consumer credit platform that operates in the Buy-Now-Pay-Later (BNPL) model.
Muli founded the Lipa Later start-up in September 2017, gaining prominence in the Kenyan market.
His venture operates in Kenya, Uganda, Tanzania, Rwanda, Nigeria and Ghana, serving over 200,000 customers since its initiation.
Through Muli’s leadership, Lipa Later also expanded its business scope allowing its customers to acquire various services and key products on credit and then pay later.
It enabled customers to acquire furniture, electronics and other home appliances and pay later. After completing their shopping, clients are expected to make payments in affordable and flexible monthly instalments.
Acquiring Funding
Muli’s business expansion goal became a reality after he received Ksh1.4 billion in funding. The money helped the start-up to enter new markets and expand its operations.
The funding was a mixture of equity and debt financing led by investors such as Lateral Frontiers, GreenHouse Capital and Sayani Investments.
“In the next 12 months, we are looking to grow and double our presence in the existing markets, even as we open in three to five markets in Africa,” Muli stated after receiving the funds.
Muli’s Career Growth
Muli began his career as a Project Manager at Better Business Bureau in 2010. A year later, he joined K-Rep Bank as a Corporate Finance Intern.
After a short stint at K-Rep Bank, Muli joined Leadership Forum, where he worked as a Research Analyst for over a year before he announced his departure in 2013.
He later had a stint at Growth Hub, serving as a Recruitment and Networks Coordinator.
At Growth Hub, Muli developed a passion for business. In November 2013, Muli co-founded Jossle – an action marketing company that provides unique solutions to traditional advertising targeting 18-24-year-olds.
After gaining business experience, Muli launched Alpha Force Security Limited, a company offering security services.
Forbes Recognition
Muli was listed in Forbes Africa 30 under the 30 categories following his contribution to business and technology.
According to Forbes Africa, his recognition also came after the London Stock Exchange Group listed his company as one of the firms inspiring Africa.
Among other unique policies that captured the attention of Forbes include his leadership quality which embraces a 50/50 male-to-female hiring policy.
The young entrepreneur also secured partnerships with Samsung, Huawei, TECNO Mobile, Walmart and Airtel.
Education and other achievements
Lipa Later CEO, attended Strathmore School from 2006 to 2009.
He won a scholarship which helped him to join Babson College in the US, where he graduated in 2014 with a Bachelor of Business Administration (BBA) specializing in Finance and Economics.
Besides his business success, Muli also served as the president of Africa’s first rating and review platform, Zabamba.
Here is the full list of Top 100 Kenyans 2022: Top 100 Kenyans 2022: The Full List
