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Cracking The CARMA Code


Dubbed the world’s first data marketplace, CARMAs’ solution has truly cracked the code by tackling the gap in markets underserved by credit reference services. This was achieved by incentivizing non-financial institutions to share their data with lenders. The information linked with the financial API makes a data one-stop-shop for lenders targeting the unbanked and underserved population. 

I sat down with Fedir “Ted”​ Martynov the CEO of CARMA to walk through his monumental journey as an Entrepreneur who found his way to Kenya and Nigeria all the way from Ukraine through Myanmar with the sole ambition of solving issues faced by unbanked nations. In a plethora of nations around the world, opening a bank account or accessing credit and applying for a loan is considered a rite of passage. According to the World Bank Sub – Saharan Africa makes up 17% of the world’s unbanked population with 350 million adults having no access to financial tools. It is also estimated that only 11% of adults in Africa have credit history records with bureaus, thus putting lending companies at the risk of facing higher default rates. 

“Over the last couple of years, Africa has been leapfrogging traditional banking creating a wider opportunity to create financial infrastructures that can help bridge the gap for financial inclusion. I saw the problem in Myanmar when I founded a PAYGO solar business. There was no access to external data and there was a huge credit risk issue. That is when I realized I could build an internet-only for enterprises. With the growth of fintech and DFS in Sub-Saharan Africa, I knew the continent was the right place to build a data marketplace.” said Ted 

Launched in Kenya and found its way in Zambia the startup garnered the attention of Microtraction thus gaining backing from the VC to set up their headquarters in Nigeria which is home to the largest unbanked population in Africa.

“Our key goal at CARMA is fill the gap in access to data for the unbanked. We are also utilizing centralized data to drive business decisions. If we achieve this, we will be able to bring enormous impact to the people of Africa. It will open avenues for better access to financial tools and services for everyone.” said Ted 

With more nations in dire need of CARMAs’ facilitation, the startup is strategically prepping for its growth spurt. The startup is currently taking in proposals from VCs and investors alike for its next round of funding.

If you would like to learn more about CARMA kindly follow the information below;

Website –

Email – [email protected]


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