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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.
It comes as a ray of hope to see that various Nigerian startups like Lidya are getting seed funding. It goes a long way to show that startups are very valued in the country, and with an investment of this capacity, it is expected to see Lidya soar above great heights.
Another instance that shows how much startups are now encouraged in the country is the new startup labs that have been created in Convenant university. It is the first lab in the country and hope to see the beginning and growth of the many startups we are ready to build in this country.
But come to think of it, there’s an increase and an upward spiral in the emergence of FinTech startups, which further leaves us to wonder and ponder if FinTech is the future of technology. Of course it is. Now back to Lidya, the main crux of today’s matter.
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.
Co founder, Ercin Eksin confirmed to Techpoint 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). According to him, “The news is very accurate. We are looking forward to supporting the growth of SMEs”.
It is good to know that our Small and Medium Enterprises finally have some hope and have access to loans to grow their business.