Indicina, a Nigerian-based data-driven lending platform that aims to digitise the credit value chain has closed a six-figure seed round led by Green House Capital.
Green House Capital, an investment company, led the fund with roughly 30% of the round.
The funding will be used for product expansion and deepening Indicina’s artificial intelligence (AI) capabilities.
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Indicina assists businesses in making smarter credit decisions. The data-driven platform is used to create credit rules and models as well as to understand credit assessment and scoring.
The platform offers end-to-end loan portfolio management and loan collections that are used by banks, insurers, consumer-finance, and other retail merchants.
Indicina’s approach
The platform allows African lenders both banked and non-banked to implement a data-driven approach that will assist customers by proving an insight into secured loan options.
Indicina offers cloud-based software that encourages the digitisation of lending businesses. Originate is Indicina’s core product which is an analytics-driven approach that enables clients to digitise identification verification, credit decisions, disbursements, and the collection of lenders’ credit value chain.
The platform requires a base fee for users and has reportedly processed more than $30 million in loan applications, supporting over 22 000 customers.
Indicina aims to improve the development of artificial intelligence within the banking industry. Indicina’s business model that operates in Nigeria, grants commission for successfully collecting loan income.
Clients are encouraged to develop their technology infrastructure to support the data-driven approaches of Indicina. Clients include lenders that use Software as a Service within financial platforms.
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Market opportunity
Indicina, founded by Yvonne Johnson and Yemi Ajao, accelerated the African credit infrastructure through its data-driven platform to help with risk innovation.
The platform provides Application Programming Interface (APIs) that allows end-to-end customer experience. The platform aims to combat financial challenges through technology.
Indicina’s insight into the financial services industry across emerging markets such as LatAm, Africa, and Asia gives the data-driven platform a competitive advantage.
A reported 11% of Africans record their credit information through private credit bureaus, and 17% of African banking customers have consumer loans.
Business credit and the use of end-to-end credit technology encourage the profitability of customer’s loan portfolios. Financial technology that has drastically improved led to a market opportunity to provide technology that is innovative and improves the credit risk of consumers.
According to the International Finance Corporation (IFC), the market opportunity in financial technology is an estimated $300 billion.
The market opportunity is led by regulation as well as improved financial technology as African central banks such as Egypt and Nigeria have introduced a regulation that administers a ratio of consumer loans to the total loan portfolio.
The six-figure seed round will assist Indicina in expanding its products through the use of AI.
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