Eric Muli, From Intern to Running Multi-Billion Firm Operating In 6 Countries

Do you ever feel stagnated in your career or job? Career growth is the journey towards your big-picture career vision. It’s the way you move from your first job out of college to eventually leading your own team. Whether you want to be a CEO or start your own business, career growth is the long-term process of moving towards your ultimate professional goals.

Eric Muli is a true representation of what it means to experience career growth. His business venture has gained him recognition all over Africa and great success.

Eric Muli is the founder and Chief Executive Officer (CEO) of Lipa Later, a consumer credit platform that operates in the Buy-Now-Pay-Later (BNPL) model. Muli founded the Lipa Later start-up in September 2017, gaining prominence in the Kenyan market.

His venture operates in Kenya, Uganda, Tanzania, Rwanda, Nigeria and Ghana, serving over 200,000 customers since its initiation. Through Muli’s leadership, Lipa Later also expanded its business scope allowing its customers to acquire various services and key products on credit and then pay later.

It enabled customers to acquire furniture, electronics and other home appliances and pay later. After completing their shopping, clients are expected to make payments in affordable and flexible monthly instalments.

Acquiring Funding for the Business

Muli’s business expansion goal became a reality after he received Ksh1.4 billion in funding. The money helped the start-up to enter new markets and expand its operations.

“I came up with the idea of Lipa Later (Swahili for PayLater) which is an alternative payment option and added a tech-centric edge to bridge a market gap. It is now a proven business model that has a clear revenue model and tech-driven formula for growth”, he stated in an interview when asked about his reason for starting the business.

The funding was a mixture of equity and debt financing led by investors such as Lateral Frontiers, GreenHouse Capital and Sayani Investments.

“In the next 12 months, we are looking to grow and double our presence in the existing markets, even as we open in three to five markets in Africa,” Muli stated after receiving the funds.

Muli’s Career Growth

Muli began his career as a Project Manager at Better Business Bureau in 2010. A year later, he joined K-Rep Bank as a Corporate Finance Intern. After a short stint at K-Rep Bank, Muli joined Leadership Forum, where he worked as a Research Analyst for over a year before he announced his departure in 2013.

He later had a stint at Growth Hub, serving as a Recruitment and Networks Coordinator.

At Growth Hub, Muli developed a passion for business. In November 2013, Muli co-founded Jossle – an action marketing company that provides unique solutions to traditional advertising targeting 18-24-year-olds.

After gaining business experience, Muli launched Alpha Force Security Limited, a company offering security services.

Forbes Recognition

Muli was listed in Forbes Africa 30 under the 30 categories following his contribution to business and technology.

According to Forbes Africa, his recognition also came after the London Stock Exchange Group listed his company as one of the firms inspiring Africa.

Among other unique policies that captured the attention of Forbes include his leadership quality which embraces a 50/50 male-to-female hiring policy.

The young entrepreneur also secured partnerships with Samsung, Huawei, TECNO Mobile, Walmart and Airtel.

Education and other achievements

Lipa Later CEO, attended Strathmore School from 2006 to 2009. He won a scholarship which helped him to join Babson College in the US, where he graduated in 2014 with a Bachelor of Business Administration (BBA) specializing in Finance and Economics.

Besides his business success, Muli also served as the president of Africa’s first rating and review platform, Zabamba.

Finally,

When mapping out your own career, progressing along requires patience and resilience. You can’t leap from entry-level employee to CEO overnight. You can’t control everything on the way to building a great career. But you almost always can grow. What you can do is focus on taking advantage of opportunities as they come your way.

STORY COURTESY: KENYANS.CO.KE