Tech: Nigerian fintech startup, Lidya secures $6.9m funding to allow it expand its loan book across Africa

share on:

Nigerian fintech startup, Lidya secures $6.9m funding to allow it expand its loan book across Africa

The Series A investment round will help Lydia to scale across Nigeria and Africa, and grow its team.

  • Nigerian fintech startup Lidya has raised $6.9 million in a Series A investment round led by Omidyar Network and Alitheia Capital.

  • The funds raised will allow Lidya to expand its loan book, scale in Nigeria, enter new markets in Africa, and bring in more skilled professionals.

  • Lidya has granted more than 1,500 loans to help companies involved in agriculture, hospitality, logistics, real estate or health in Africa.


Nigerian fintech startup Lidya has raised $6.9 million in a Series A investment round to allow it to expand its loan book, scale across Nigeria and Africa, and grow its team.

The fundraising was led by Omidyar Network and Alitheia Capital, co-manager of Umunthu.

Tunde Kehinde, co-founder of Lidya said: “Lidya was founded on a simple, yet fundamental idea: technology can unleash and empower a generation of business leaders and entrepreneurs throughout Africa by revolutionising how risk is assessed, credit is underwritten, and customers are banked.”

“We are excited by the overwhelming support from the investor community, which signals a great confidence in our business model and team,Ercin Eksin, co-founder of Lidya added.

Also READ: These online platforms are granting quick credit to small- scale businesses

Ameya Upadhyay, an investment principal at Omidyar Network and new board member of Lidya, said access to flexible, affordable credit was at the crux of unlocking growth in the Micro Small and Medium Enterprises sector.

He said: “Lidya is addressing that by using smart algorithms to analyse transaction data from small businesses to assess their creditworthiness.

“This data-driven approach allows the company to offer loans without the need of hard collateral-a requirement that has scuttled MSME financing in Africa. In the process, Lidya gathers insights that help expand its product portfolio to become a holistic partner to small businesses.

The funds raised will allow Lidya to expand its loan book, scale in Nigeria, enter new markets in Africa, and bring in more skilled professionals, particularly data scientists and engineers to help fulfil its mission.

Lidya, since inception in 2016 has granted more than 1,500 loans to help companies involved in agriculture, hospitality, logistics, real estate or health in Africa. The startup also raised $1.25 million dollars in seed funding in 2017 led by Accion Venture Lab.

Source: Sponsored

Comments

comments

Tags:
admin

admin

My name is Jaramike Daniel a blogger with a vision, a programmer in the making, a web developer by hobby and a Nigerian by birth.. My dream is to inspire youths with passion in the tech aspect. I create and design websites for schools, Companies and Organisation... I can be reached through any of my social media listed below or whatsapp on +2348168210251

Leave a Comment

share on: