Lidya provides an online lending platform for Nigeria-based SMEs and individuals. Its credit algorithms allow SMEs to build a credit score and access financing to grow their businesses. The company aims to digitize and streamline the credit assessment process to make it easy for any SMEs across Africa to access the funding they need to grow their business. Lidya has been recently accepted into the MasterCard Start Path Program.
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.
Major customers from farming, hospitality, logistics, retail, real estate, technology, and health. Some of its customers; Bentigos, Ajebo market, Gainmart, Emmafids, etc.
Lidya assesses credit risk by using around 100 data points to evaluate each business and builds a unique credit score.
Tunde Kehinde, Ercin Eksin
Omidyar Network, Accion Venture Lab, Newid Capital, Alitheia Capital, Bamboo Capital Partners, Tekton Ventures
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)
In Nigeria, the IFC estimates that there is an MSME credit gap of at least $25 billion. (June 2018)