• FOUNDING YEAR: 2016
    LOCATION:
    Nigeria
    REGION:
    Last Update:
    18 Oct, 2019

Description

FOCUS

PRODUCTS & SERVICES:
Lydia provides a credit-based platform that allows business to sell invoice and get financed within two days. The company offers collateral-free loans for the purchase inventory, upgrade equipment, working capital, business expansion, invest in social media, etc. It offers business loans ranging from $500 to $50,000 by without collateral, verifying physical location, present audited financials, and projections. It also provides a mobile app that enables micro, small, and medium-sized enterprises (MSMEs) to create an online account, and share business & transaction details to the platform. With the platform, MSME can manage cash flows, customer data, and create and send invoices digitally.
MAIN CLIENTS:
Major customers from farming, hospitality, logistics, retail, real estate, technology, and health. Some of its customers; Bentigos, Ajebo market, Gainmart, Emmafids, etc.
COMMENT
Lidya assesses credit risk by using around 100 data points to evaluate each business and builds a unique credit score.

PEOPLE

FOUNDERS:
Tunde Kehinde, Ercin Eksin
INVESTORS:
Omidyar Network, Accion Venture Lab, Newid Capital, Alitheia Capital, Bamboo Capital Partners, Tekton Ventures

TRACTION

TRANSACTIONS COMMENT:
The company claims it has closed around 2,000 business loans. (June 2018)
ACTIVE USERS COMMENT:
The company has more than 106k business registered users till date. (June 2018)
OTHER INFO:
In Nigeria, the IFC estimates that there is an MSME credit gap of at least $25 billion. (June 2018)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$8.15 Millions
DATE OF LAST FUNDING:
May 2018
SEED & PRIOR FUNDING:
$1.25 Millions
SEED CLOSED ON:
Mar 2017
FUNDING SERIES:
SERIES A
$6.9 Millions Closed: May 2018
LISTED:
NO

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