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.
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.
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.
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
GetFundedAfrica’s mission is to uplift people and economies in Africa through entrepreneurship; helping companies find funding, grow, create jobs and solve society’s greatest challenges
GFA Attract, GFA Weekly Recap & Application Portal For Funding
GFA Weekly Round- up Podcast
In this week’s weekly round up podcast, Nichole discussed about the funding activity between September 28- October 2
GFA Attract Interview
Apply For Funding
GetFundedAfrica provides equity capital from $1,000 to $50,000.
For larger amounts (Above $50,000)
we organize syndicated funding rounds of up to $500,000.
“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.”
– Anda Maqanda, founder of AM Group in South Africa