Nigerian small business lender Lidya has picked up $1.25m in a seed funding round led by Accion Venture Lab. Newid Capital and several angel investors also participated.
The company develops credit algorithms to help small business build credit scores and access financing to grow their operations.
The platform uses more than 100 different data points to build credit reports for SMEs and aims to deliver loans to clients in as little as 48 hours based on the label of risk and capacity.
Lidya founder Tunde Kehinde said: “Our vision is to digitize and streamline the credit assessment process to make it easy for any SME across Africa to access the funding they needed to grow their business.”
The service has signed up more than 20,000 businesses up to its service and is targeting $4.8m in loan origination in its first year of operations.
Lidya says it will use the capital to accelerate product development and expand its team.
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