Microtraction, a Nigerian VC company just announced its investment into Evolve Credit, branded as Nigeria’s first loan marketplace startup that helps Nigerians compare the most suited loan options when applying for loan products.
The new investment is the fourth capital injection in 2020 and the 17th overall. Microtraction has also invested in Plentywaka, Chaka, and Gradely.
The terms detail how Evolve Credit will receive an initial N9.1 million ($25,000) equity. Then followed by an additional $50,000 investment once they hit a $1 million valuation.
The best loan marketplace – Evolve Credit
Online loan marketplace, Evolve Credit was founded on May 4, 2020. They offer a one-stop-shop platform where Nigerians can receive complete, unbiased, and personalized information on personal, business, and government loans.
Evolve Credit intends to make the market more inclusive, accessible and transparent for most Nigerians. Users will benefit from in-depth reviews on different loan products while comparing them to with similar products.
From the start, over 5000 loan applications have been processed from it’s 17,000 registered user pool and 20,000 plus visitors. Evolve Credit is working on it’sown loan product fixated on the private sector lending market valued at N17.5 Trillion.