Lidya, the Nigeria-based fintech startup, has secured $6.9 million from Series A round of investment led by the Omidyar Network. The fund is said will be used towards expanding the startup’s operations across Nigeria and Africa. The startup is also going to grow its team.
Lidya, launched in 2016, is a digital financial services platform with a focus on improving users’ access to credit. The fintech startup current key market are micro, small, and medium-sized enterprises across Africa. The startup also raised $1.25 million funding in March 2017.
Up to date, Lidya prides itself of having loaned over 1,500 businesses from sectors like agriculture, health, logistics, health, retail, technology, and real estate.
The $6.9 million Series A round of funding was led by Omidyar Network (the Silicon Valley-based investment firm founded by eBay founder Pierre Omidyar), Tekton Ventures, Bamboo Capital Partners, Newid Capital, Accion Venture Lab and the new Alitheia Capital (via the Umunthu Fund).
The money raised will go towards expanding the fintech startup’s loan book, while expanding throughout Nigeria and across Africa. The firm is also set to hire more skilled professionals including engineers and data scientists.
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