After a protracted six-month legal tussle, Kenyan fintech startup Pezesha and B2B eCommerce platform MarketForce have finally reached a settlement outside the courtroom.
In a unique turn of events, MarketForce will leverage its intangible assets, valued by Pezesha, to offset the debt owed.
This resolution follows Pezesha‘s petition for MarketForce’s liquidation due to significant outstanding debts, a stark contrast to their initial collaboration aimed at enhancing customer inventory and distribution channels.
The genesis of this conflict lies in MarketForce’s mounting funding challenges, leading to difficulties in meeting financial obligations to Pezesha, its former financier. These strains ultimately led to Pezesha’s legal action to recoup its dues.
However, the narrative took a surprising twist as the two entities reconciled during the Harambeans Global Summit in Maasai Mara. Hilda Moraa, Pezesha’s founder, and Tesh Mbaabu, MarketForce’s CEO, engaged in constructive dialogue, culminating in an agreement to resolve their differences amicably.
Reflecting on the ordeal, Mbaabu admitted to underestimating the complexities of scaling and acknowledged the need for better communication amidst funding setbacks. He emphasized the importance of resilience and pledged to cultivate a collaborative atmosphere going forward.
In parallel, Moraa emphasized the significance of diplomacy and relationship prioritization, lamenting the lack thereof in handling the dispute. Both leaders recognized the invaluable lessons learned and committed to fostering a culture of transparency and cooperation.
Meanwhile, Pezesha received a substantial $500,000 grant from the US International Development Finance Corporation (DFC), aimed at bolstering its lending capabilities to small businesses across sub-Saharan Africa. This injection of funds will enable Pezesha to leverage cutting-edge technologies like data science and machine learning to refine its lending practices and contribute to economic empowerment in the region.
