Africa | October 15, 2020

Evolve Credit raises early funding to help Nigerians navigate fintech options

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, October 15 – Africa pioneered mobile money more than a decade ago. Since then, digital lending and insurance products have extended access to finance to hundreds of millions of un- and under-banked people. 

But alongside many responsible providers are bad actors who have engaged in predatory lending and collection practices (see, “Investors called to account for fintech lending practices as debt traps emerge”). 

Evolve Credit wants to speed the transition to digital finance and increase inclusion, transparency and access. Evolve’s site consolidates information on digital lenders, including their approval speed and interest rates, and allows consumers to compare options and submit an application through Evolve’s app. 

Evolve raised an undisclosed amount of funding from Ingressive Capital, Future Africa, Samurai Incubate and angel investors.