Lidya, a Nigerian fintech and lending startup, said today that it has raised $8.3 million in a pre-Series B funding round.
Lidya has raised a total of $16.5 million, including a $1.3 million seed round in 2017 and a $6.9 million Series A.
Alitheia Capital’s uMunthu Fund spearheaded the investment. Bamboo Capital Partners, Accion Venture Lab, and Flourish Ventures were among the other investors who took part.
Lidya will use the funds to expand its lending operations for SMEs across its African and European markets.
Lidya stated in 2019 that it had established new loan operations in Poland and the Czech Republic in Eastern Europe.
Lidya claims to have disbursed over 25,000 loans and has a customer retention rate of over 90%.
Lidya, a digital SME loan platform, was launched by Tunde Kehinde and Ercin Eksin in 2016.
Businesses may register accounts on the platform and apply for loans ranging from $500 to $50,000, with decisions coming in as quickly as 24 hours.
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