Nigerian early stage investor, Microtraction, has announced its investment in Evolve Credit, a loan marketplace where people can compare loan offers from different lending institutions.
“Welcome to the @microtraction family @AkanENelson and @EvolveCreditCo team! https://t.co/yO6PTtI2Wh” tweets — Yele ‘夜雷’ Bademosi 💸 (@YeleBademosi) October 8, 2020.
Here Is What You Need To Know
- The total amount involved in this investment is $25,000 investment. Microtraction will correspondingly acquire 7% stake in Evolve Credit.
- This is Microtraction’s second investment this year after recently changing its terms of engagement in March 2020. In April this year, Microtraction invested in Gradely, a Nigerian ed-tech startup that applies artificial intelligence (AI) to improve learning outcomes in schools.
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A Look At What Evolve Credit Does
On the Evolve Credit platform, Nigerians can easily review information about different loan products, compare loan product options based on price, terms, and other factors, and then apply for the best offer.
Founded by Daniel Osineye and Akan Nelson in May 2020, Evolve Credit has processed over 5,000 loan applications from its 17,000 registered users and 20,000+ monthly visitors
Akan is in charge of Product, Finance, Customer management, and Partnerships, continuously digesting customer feedback while Daniel oversees Evolve’s technology, making sure it stays relevant and speaks to the needs of the average working-class Nigerian.
The company founders said that based on the research, learnings, and insights from building a loan product, they found significant opportunities in the N17.5trillion private sector lending market to:
- demystify the confusing loan marketplace for consumers.
- help lenders generate higher-quality leads and migrate their loan application processes online.
Evolve is now integrating with the wider lending community, including licensed microfinance banks, finance houses, and moneylenders in the country.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer