Lidya, a loan app founded by Nigerian Tunde Kehinde, raises 3.41 billion naira ▷ Legit.ng
- More than 3.41 billion naira has been raised by the Nigerian financial technology firm, Lidya, as the company’s total funds raised in the past four years reach 6.78 billion naira
- The new capital was raised from investors such as Bamboo Capital Partners, Accion Venture Lab and Flourish Ventures, and uMunthu Fund, owned by Alitheia Capital.
- Lidya, which has continued to attract capital from several local and foreign investors, was started by former Africa Courier Express employees Tunde Kehinde and Ercin Eksin.
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Lidya, a Nigerian loan app for small and medium-sized businesses, has raised additional funds, with its total fundraising reaching 6.78 billion naira ($ 16.5 million) in about three years.
The loan start-up recently conducted a pre-Series B funding round, which led Lidya to raise 3.41 billion naira ($ 8.3 million) from several investors led by Alitheia Capital, by the intermediary of its investment arm, uMunthu Fund.
Chioma Okotcha and Uche Nnadi Raise N411.49 Million to Help Other Small Businesses
It was also found that Bamboo Capital Partners, Accion Venture Lab and Flourish Ventures also contributed to the capital raised by Lidya.
In addition to these recent funds obtained, in a 2017 fundraiser, Lidya received $ 1.3 million, and a year later, in a Series A funding, the company raised $ 6.9 million. .
Who funded Lidya and why
Lidya was founded by Nigerians Tunde Kehinde and Ercin Eksin after they came up with the idea while working for logistics company Africa Courier Express (ACE).
Kehinde and Eksin were inspired by the difficulties small businesses have in obtaining financial support – some of these businesses were ACE clients.
The duo, who were among the founding leaders of Jumia Nigeria, then set up their lending platform in 2016 despite the existence of competitors, who they say cannot provide all the loans that small businesses demand.
Today, they have disbursed over $ 3 million on more than 25,000 loan applications. They offer credit ranging from $ 500 to $ 50,000 within 24 hours.
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Two Nigerians who raised funds for small businesses
In related news, Legit.ng previously reported that two Nigerians, Chioma Okotcha, Uche Nnadi and Zach Bijesse, had established Payhippo to help small businesses raise funds.
They recently raised N411.49 million from several local investors such as Ventures Platform, Future Africa, Launch Africa, Sherpa Ventures, DFS Lab and others.
This capital should stimulate the functioning of Payhippo and guarantee it the capacity to continue to provide financial assistance to SMEs.