Nigerian Credit Fintech Fast Credit Limited Raises $3.6M in Landmark Commercial Paper Series Issuance

Fast Credit Limited is excited to announce the successful completion of its N3 billion Commercial Paper Series 1, 2 & 3 issuance. This issuance marks a significant milestone for the company and showcases the trust and confidence that investors have placed in Fast Credit’s innovative business model and strategic vision. The Commercial Paper attracted a diverse range of investors, including pension fund administrators, asset managers, and insurance companies.

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The company’s debut issuance consisted of three tenors. The Series 1 issuance had a duration of 91 days and was priced at a 15.00% yield. The Series 2 issuance had a duration of 182 days and was priced at a 16.00% yield. Lastly, the Series 3 issuance had a duration of 270 days and was priced at a 17.25% yield. Stanbic IBTC Capital Limited served as the Lead Arranger/Issuing and Placing Agent (“IPA”), while FSL Securities Limited, Planet Capital Limited, and United Capital PLC acted as Joint Arrangers/IPAs.

Reasons for the Investment

The investment in Fast Credit’s Commercial Paper can be attributed to several compelling reasons. Fast Credit has demonstrated a strong track record of success and growth in the financial industry. Their ability to leverage technology, specifically artificial intelligence and advanced data analytics, has resulted in improved operational efficiencies and enhanced customer experiences. This technological advantage positions Fast Credit as an industry leader, attracting investors who recognize the potential for substantial returns on their investment.

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Additionally, the company’s recent attainment of a long-term investment grade rating of ‘Bbb’ from Agusto & Co, along with a ‘BBB+’ long-term grade rating with an A2 stable outlook from DataPro, further enhances investor confidence. These ratings affirm Fast Credit’s financial stability and its ability to meet its financial obligations, making it an attractive investment opportunity for both institutional and individual investors.

Moreover, the oversubscription of Fast Credit’s Commercial Paper issuance highlights the market’s recognition of the unique value proposition offered by the company.

A Look at Fast Credit

Fast Credit Limited was founded in 2014 with a vision to revolutionize the financial landscape by leveraging technology. The company utilizes artificial intelligence and advanced data analytics to drive operational efficiencies and deliver a positive customer experience. Since its inception, Fast Credit has focused on enhancing accessibility and promoting financial inclusion.

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The primary markets for Fast Credit are within the Nigerian financial industry, where they provide innovative products and services to meet the evolving needs of their clients. By leveraging technology, the company aims to streamline processes, improve financial access, and create a more inclusive financial ecosystem.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard