- The funding will be used to power the firm's digital lending products to their customers ranging from nano loans, micro loans, salary loans, SME loans, auto loans, BNPL and invoice discounting.
Aladdin digital bank is on a mission to provide all our customers with access to a wide variety of loan options. Thanks to our latest debt financing deal of up to $3.5 million, we can make this a reality for all our customers. We successfully launched our nano loans and micro-loans last week and we will be rolling out our salaried loans in the coming days.
We aim to create a digital bank to help SMEs and individuals across Africa access more financial tools and opportunities in one place.Darlington Onyeagoro. Co-Founder and CEO at Aladdin Digital Bank
About Aladdin Digital Bank
Aladdin is Africa’s first marketplace digital bank, seamlessly combining banking and commerce. Aladdin Bank supports user’s hustle by giving them the tools they need to save, borrow, make payments while selling their products and services to other members on the platform. In June 2021, Aladdin raised an undisclosed amount / Seed from GSD Venture Studios.
In 4 months they acquired over 28,000 customers with savings balances of over $105,000, over $80,000 in disbursed loans, and a transaction volume of over $1.7 million.