ImpactAlpha, May 25 – Nigerian small businesses need $25 billion more in credit than they can get from traditional lenders. Lagos, Nigeria-based startup Lidya uses online transaction information and dozens of other data points to produce a proprietary credit score and offer loans to small businesses. Through its app, business owners can apply for loans of $500 to $50,000. Lidya says it has originated 1,500 loans since launching in 2016.
- Expansion capital… Lidya will use the $6.9 million to grow in Nigeria, expand to new countries, and hire data scientists and engineers to improve its app.
- Crowded funding… Lidya’s Series A investor list includes: Omidyar Network, which led the round, Bamboo Capital Partners, Accion Venture Lab and Goodwell’s Umunthu Fund. Tekton Ventures and Newid Capital also backed the round.