Trade Lenda, a Nigerian fintech startup that helps micro, small, and informal retailers with access to financing for their business needs, has raised $520,000 in pre-seed funding to speed its growth.
The fintech startup which was founded in 2021 helps small businesses to get quick and affordable access to credit without any collateral within six hours.
The funding round was led by Sovereign Capital, ARM Labs, and Expert Dojo, all of which have an interest in the African continent, as well as a few angel investors in Nigeria.
The fintech says it has disbursed more than $2 million to over 1,500 firms and grown 5x between 2021 and 2022.
Company CEO Deshina Adewumi said, “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.”
Leveraging technology such as machine learning, Trade Lenda is underlying a smart algorithm to digitize access for millions of MSMEs in Nigeria and soon across Africa.
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