Launched in September of last year by Tunde Kehinde and Ercin Eksin, also founders of Nigerian online logistics startup Africa Courier Express (ACE), Lidya aims to improve access to credit and finance for Africans by using technology to help individuals open accounts, build credit profiles and access credit.
The US$1.25 million funding round was led by Accion Venture Lab, the seed-stage investment initiative of financial inclusion leader Accion, and also involved Newid Capital and several angel investors.
The investment will allow Lidya to accelerate product development and further develop its team. The company’s credit algorithms allow small businesses to build a credit score and access financing to grow their businesses, with 20,000 Nigerian businesses registered for the service.
