Kuunda completes a $5M secondary share sale led by E4E Africa as early backers exit with IRRs above 70%

Kuunda, which provides digital lending infrastructure to banks, mobile money operators and payment platforms, has completed a $5 million secondary share sale led by E4E Africa. Existing investors Accion Ventures, Portugal Gateway Fund and Seedstars Africa Ventures increased their positions. No new capital went into the company.

Founded in 2018 and based in Mauritius, Kuunda lets partners offer agent liquidity financing, merchant cash advances and stock financing for small retailers, scoring borrowers on transaction data. Its infrastructure has disbursed more than 870 million loans worth over $4.4 billion to 14.6 million agents, merchants and consumers. It is live in five markets, with seven more planned.

The sale cut the cap table from 12 investors to four. Angel investors who sold recorded annualised IRRs above 70%, seed investors between 25% and 40%.

Co-founder and co-CEO Andrew Milne died at 54 two days after the announcement, the company said.