New York-Based Tech Fund Backs Nigerian Fintech Firm With $5M Financing
In January 2019 the
Listen to GHOGH with Jamarlin Martin | Episode 47: Diishan Imira Jamarlin talks to Diishan Imira, founder and CEO of Mayvenn, a platform that empowers hair stylists to take back ownership of the beauty market.
Lendable uses technology to provide financing for lenders who lend money to African consumers and small businesses, with more than 100 million borrowers on the continent to date through partnerships with lenders.
Thanks to the revolving line of credit,
Paylater’s aim is to become a full-service digital bank in 2019 with the addition of new financial products and services, according to Ventureburn.
It hopes to accomplish this through a partnership with Visa with Paylater providing credit via QR codes at supermarkets, clinics and on public transport.
The additional loans are expected to allow the platform to increase its presence in Nigeria before entering new African markets during 2019, according to Techgistafrica.
The app has been downloaded more than 1 million times. Approved applicants receive their loans within minutes without having to deal with anyone outside of the app.
First credit rating for African fintech firm
Global Credit Rating Co. is a leading emerging market-focused
The positive investment rating for the Nigerian fintech firm increased the transparency and the credibility of the parent company and its Paylater platform, attracting investors and allowing for the partnership with Lendable to become possible.
The ratings agency’s report analyzed key financial and operational factors including risk management, liquidity positioning, borrowings and capital under management, CNBCAfrica reported.
The rating showed that One Finance Limited was well capitalized in relation to its current risk level, and the company has a low liquidity risk.