Nigeria's Indicina raises $3m to drive expansion into other African markets
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- 08 Jun 2022
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Indicina, a Nigerian based fintech driven to provide credit products which enable lenders of credits unlock economic inclusion for African businesses and customers has raised $3 million in its latest seed funding.
The three-year-old company which has its vision set on becoming a leading provider of ML-driven financial analytics announced that it has tripled its customer base across its core segments which included, banks, non-bank lenders, and tech start-ups.
According to the Chief Executive Officer, Yvonne Johnson, who confirmed the latest $3 million raise in a statement made available to journalists, the round was led by Target Global with participation from Greycroft and RV Ventures.
"I am excited to announce that we’ve raised $3 million in our Seed round to foster our commitment to the credit value chain."
Yvonne Johnson, CEO Indicina
She added, “Our new funding round will accelerate our expansion into other African markets. It will also enable us to reinforce our key product offerings, build more products for Consumer credit recommendation, and bolster its infrastructure.”
What this means for Nigeria and Africa
Africa’s credit infrastructure is inadequate, and its innovation is low-risk. Private credit bureaus have credit information on only 11 per cent of the population, compared to 16 per cent in East Asia and 47 per cent in Latin America. Only 17 per cent of African banking clients have consumer loans, compared to fewer than half of those who have a transaction product.
Most credit lenders in Africa lack the technology and credit risk innovation needed to take advantage of this large consumer credit potential which the continent needs to back financial inclusion for all.
Hence, for more effective client acquisition and risk assessment, Indicina is providing tools which enable a competitive digital offering backed by powerful data and analytics capabilities. Also, their corporate clients are digitising customer journeys at a faster rate, while the FinTech customers are using APIs to build embedded finance products. Read More…
