Nigerian’s Fintech platform Lydia raises funding of $1.25m
Launched Last year Lydia a Nigerian Fintech based startup was founded by Tunde Kehinde and Ercin Eksin, seasoned emerging markets entrepreneurs who co-founded Jumia, the leading eCommerce platform in Africa and Africa Courier Express, the leading last-mile eCommerce delivery company in Nigeria.
Lidya is a leading Africa-focused Fintech platform working to ease access to finance for SMEs across Africa. Through its digital platform, Lidya analyses over 100 data points to build a customised credit score, assess a customer for a loan and disburse loans to qualified businesses in as little as 48 hours. Lidya currently operates in Nigeria where 20,000 businesses have signed up for its service.
With the current round of Funding Lidya Aims to accelerate product development and further develop its team. Lydia Operating currently in Nigeria has 20000+ businesses currently registered and using their services. Once a customer has been evaluated by the platform, qualified businesses receive a loan in as little as 48 hours based on their risk and capacity. Lidya has financed businesses spanning the agriculture, consumer goods, services, and creative industries, among others, and is targeting ₦1.5 billion in loan originations to SMEs in Nigeria in its first year of operations.
“Our vision is to digitise 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,” said Tunde Kehinde, the co-founder of Lidya.
