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Nigerian Digital Lending Platform Evolve Credit Raises $25k From Microtraction

Early-stage venture capital firm, Microtraction, now offers $25,000 for 7%  equity

Nigerian early stage investor, Microtraction, has announced its investment in Evolve Credit, a loan marketplace where people can compare loan offers from different lending institutions.

Introducing Microtraction 🚀. Today we're announcing the launch of… | by  Yele Bademosi | opentraction

Here Is What You Need To Know

  • The total amount involved in this investment is $25,000 investment. Microtraction will correspondingly acquire 7% stake in Evolve Credit. 
  • This is Microtraction’s second investment this year after recently changing its terms of engagement in March 2020. In April this year, Microtraction invested in Gradely, a Nigerian ed-tech startup that applies artificial intelligence (AI) to improve learning outcomes in schools.

Read also: Easy Solar Raises US$5m To Enhance Access To Clean Energy In West Africa


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A Look At What Evolve Credit Does

On the Evolve Credit platform, Nigerians can easily review information about different loan products, compare loan product options based on price, terms, and other factors, and then apply for the best offer.

Microtraction has launched the Microtraction Scout Initiative so founders  can find Microtraction for start-up funding – PEafrinsights

Founded by Daniel Osineye and Akan Nelson in May 2020, Evolve Credit has processed over 5,000 loan applications from its 17,000 registered users and 20,000+ monthly visitors

Akan is in charge of Product, Finance, Customer management, and Partnerships, continuously digesting customer feedback while Daniel oversees Evolve’s technology, making sure it stays relevant and speaks to the needs of the average working-class Nigerian.

The company founders said that based on the research, learnings, and insights from building a loan product, they found significant opportunities in the N17.5trillion private sector lending market to:

  • demystify the confusing loan marketplace for consumers.
  • help lenders generate higher-quality leads and migrate their loan application processes online.

Evolve is now integrating with the wider lending community, including licensed microfinance banks, finance houses, and moneylenders in the country.

Read full article here


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“Entrepreneurs have to learn the power of networking and the value of mentorship, as these are the things that most entrepreneurs take for granted. And also they must know that opportunities will not come to them; they have to go out there and create them by knocking on corporate doors with proposals. Personally, I am where I am because of a business mentor who changed the way I see things.”

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Nichole Manhire

Is the productive executive for the media department at GetFundedAfrica

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