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Nigeria digital lending startup Indicina raises 6-figures in funding round

The investment will be directed to product development

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Indicina was launched in 2018 to help banks and non-bank players to scale the credit underwriting process while providing new insights into consumers while de-risking loans that are unsecured. The startup runs on cloud-based software to digitize its lending operations. Clients get to unpack their credit value chains while digitizing each step. All processes from verifying identity, making credit decisions, disbursements, and collections are digitized.

Last year, Indicina raised $100,000 in capital funding. Recently they have closed a six-figure round involving investors such as Future Africa, Acuity, Kepple, and Itanna. According to a post on Disrupt, the startup has processed over US$30 million in loan applications to over 22,000 customers.

Indicina was formed by  Yvonne Johnson and Yemi Ajao as a digital lending platform for the African continent. This helps in creating analytics-driven credit decisions for most lenders. The startup relies on a proprietary machine-learning decision-making engine to point out and reject bad loans during the application and underwriting process.

 

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