Commonplace Chartered billboards grasp above a financial institution department in Hong Kong. FILE PHOTO | AFP

British lender Commonplace Chartered Plc has pumped in capital price Sh413 million in two Kenyan e-commerce subsidiaries focusing on the enterprise funds and agriculture segments, the financial institution’s newest disclosures present.

The financier stated in its annual report for 2022 that it has a capital outlay of Sh295.8 million in its commerce financing platform Solv Kenya, which trades underneath its native subsidiary Solvezy Know-how Kenya Restricted.

Learn: StanChart eyes a share of Kenya’s rising e-commerce

The multinational has additionally put in one other Sh118.14 million in Tawi Recent Kenya Restricted, an agriculture digital market that connects farmers straight to supply consumers, primarily accommodations, eating places, caterers, colleges and hospitals.

On the Tawi platform, the lender says it has signed up greater than 320 farmers, promoting in extra of 130 farm merchandise.

Solv, a business-to-business platform, permits credit-starved micro-, small- and medium-sized enterprises to entry funding based mostly on their transaction historical past with suppliers with out the necessity for collateral.

The platform —established by its innovation, ventures, and fintech investments unit, SC Ventures— was first rolled out in India in December 2020.

It was then launched in Kenya in October final 12 months, the place it’s anticipated to behave as a benchmark for future growth into different African markets.

“In India and Kenya, now we have arrange Solv, an e-commerce market for small and medium-sized enterprises, which served over 230,000 prospects in 2022,” stated Commonplace Chartered Plc in its 2022 annual report.

“SC Ventures continues to spend money on probably transformational enterprise fashions and ecosystems, connecting an increasing number of purchasers with financial alternative.”

Whereas the Indian platform is a business-to-business e-commerce market the place sellers attain new and verified prospects, Kenya’s enterprise has initially targeted on funding small merchants who’re accredited by massive suppliers.

They entry loans by the platform which can be spent on shopping for inventory for his or her companies.

Learn: StanChart revenue grows 10.9 laptop in six months to June

Debtors on the platform, who’re nominated by suppliers, are required to digitally present private IDs, enterprise permits, and their pictures as a part of the approval course of.

Solv Kenya and Tawi are wholly-owned subsidiaries of the UK’s Commonplace Chartered Plc.

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