Unchorlight Kenya Limited (UNK), a mobility fintech that delivers a Rent-to-Own model finance service for BodaBoda（Bike) riders in Kenya, has raised Ksh 90 million in funding backed by Honda Trading Corporation and Skylight Consulting Inc..
- UNK has launched a Rent-to-Own model finance service in September 2021 for gig workers who work through digital platforms in Kenya. This is a Rent-to-Own model finance service in which BodaBoda riders earn income while working as taxis and logistics on the digital service on a daily basis, accumulate motorcycle fees, and receive ownership after 18 months.
- Since the first launch of its service UNK has contributed to vehicle sales and job creation for approximately 245 BodaBoda riders in Kenya (as of June 2022.)
- UNK’s Rent-to-Own model finance service forms groups of BodaBoda riders to pay the motorcycle fees on a daily basis through mutual management. By visualizing the creditworthiness of Bodaboda riders through digital payments, UNK aims to create new sources of revenue and further expand its business, and contribute to job creation and financial inclusion in Kenya and other parts of Africa.
- This latest funding will enable the company to strengthen its capacity to expand the Rent-to-Own model Finance service for BodaBoda riders in Africa.