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  Lenda, a Nigerian fintech company providing financing to micro, small and informal retailers, has received $520,000 in pre-seed funding to accelerate its growth. The Lagos-based startup, founded in 2021, enables small businesses to quickly obtain affordable credit with no upfront collateral in under six hours through its data-driven credit-scoring platform. The platform assesses character and capacity, bridging access to finance gaps for small retailers and suppliers.
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Trade Lenda has already provided credit to over 1,500 businesses, with $2 million in disbursements and an average disbursement time of fewer than six hours. The company saw 5x growth from 2021 to 2022 and aims to increase revenue by 10x in 2023. The funding came from Africa-focused investors such as Sovereign Capital, ARM Labs, and Expert Dojo, as well as a few Nigeria-based angel investors.
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“My mum was a retailer and growing up I had first-hand experience on how small businesses can be instrumental to shaping the future which I am part of today. This is one of the things that drives us, knowing fully well that we can support today with our collective experience of millions of women like my mum who would go on to support their families at home,”
said Adeshina Adewumi, CEO of Trade Lenda. Featured Image Source: TechGist Africa
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This article was first published on 7th February 2023

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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