Nigerian fintech startup Lidya has raised $1.25 million dollars in seed funding. The funding round was led by Accion Venture Lab, with participation from Newid Capital and several other unnamed angel investors.
Lidya which joined the steady growing financial technology industry late last year was founded by Tunde Kehinde and Ercin Eksin co-founders of the African Courier Express(ACE).
The company is a financial services platform for Africans worldwide based primarily on lending. They grant individuals and African businesses access to small loans using credit scoring algorithms.
No further details was giving on the funding, but we have reached out to Tunde Kehinde and Ercin Eksin and will update this story with any other detail from the correspondence.
UPDATE; Ercin Eksin replied our email and confirmed that Lydia had indeed raised that amount in seed funding. He said they [at Lydia] are looking to support the growth of Small and Medium sized Enterprises(SMEs)
In his own words;
The news is very accurate. We are looking forward to supporting the growth of SMEs
This is a very welcome development.
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Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.