Nigerian peer-to-peer (P2P) lending startup Sycamore has closed an undisclosed seed funding round as it looks to expand its operations. The undisclosed seed funding round was led by US-based VC firm White Hibiscus Capital (WHC) and featured a number of other private investors. The funding will enable Sycamore to boost market awareness, double down on its financial education drive, and hire adequate engineering talent, all in order to increase its capacity as it initiates a plan to scale to other African countries.
Sycamore uses proprietary risk assessment tools to disburse business loans on the same day via its web and newly-released mobile app. The Sycamore app’s Loan Friends feature enables people to make a loan request from a friend or family member, sends scheduled reminders, and automatically collects the loan on the due date.