Lipa Later sought $5 million from UK lender two weeks after entering administration

Two weeks after entering administration in March, Kenyan buy-now-pay-later (BNPL) startup Lipa Later co-founder, Eric Muli, tried to raise $5 million to salvage its business, despite losing control of its operations to a court-appointed administrator.

A term sheet seen by TechCabal shows the company sought a $5 million facility from UK-based Advanced Global Capital (AGC) in April to support…