News
Lemonade Payments adds Plug and Play Ventures as a backer
Kenyan fintech Lemonade Payments has brought Plug and Play Ventures onto its cap table, with the amount undisclosed, to scale its privacy-first payments platform.
By Propel Africa · 2026-07-02
Lemonade Payments, a Kenyan fintech, has added Plug and Play Ventures as a new backer, African-Startups reported on 2 July. Plug and Play Ventures is the global venture arm of Plug and Play. The amount and round were not disclosed.
What Lemonade does
The company runs a platform that lets people send, receive and manage money without exposing personal details. It also offers businesses a white-label service to collect customer payments without handling sensitive personal data, along with revenue-sharing and real-time payout tracking for partners and growth agents. It was founded in 2023 by Mark Machiri Kihara and Andrew Kibe.
Earlier backing
Baobab Network, an early-stage investor and accelerator, wrote Lemonade's first cheque in 2024, reportedly $100,000 in equity.
Plans
Lemonade says it aims to scale its platform, enter new markets and expand its product suite. The company is Kenya-based and plans to grow across African markets. In a LinkedIn post the company said it was honoured to have Plug and Play Ventures join as it scales.
At a glance
- Company: Lemonade Payments
- Raised: Amount not disclosed
- New investor: Plug and Play Ventures
- Earlier investor: Baobab Network (reportedly $100,000 in 2024)
- Founded: 2023
- Markets: Kenya, with African expansion planned