Evolve Credit - Afrikan Heroes

Evolve Credit, Nigerian lending startup raises pre-seed funding round

October 18, 2020

The Nigerian e-lending sector is witnessing a series of activities with more innovative products being launched by startups; this is the story of the lending marketplace Evolve Credit which just raised a pre-seed round of funding to help scale its products. Evolve Credit allows users to compare loans and access unbiased insights from experts. Using Evolve Credit, users can see which loan pays faster, is easier to pay back, and offers the lowest rates, all in one place. The marketplace brings lenders and borrowers together in one place, and makes comparison easier.

Akan Nelson, founder and chief executive officer (CEO) of Evolve Credit.

Lenders are able to accept loan applications, as well as handle tasks such as portfolio management, credit scoring, disbursement and collections through Evolve Credit’s cloud-based lending software.

“The startup is working to end paper applications in financial institutions, as well as increase inclusion and transparency in financial markets giving everyone access to credit regardless of where they are in Nigeria,” said Akan Nelson, founder and chief executive officer (CEO) of Evolve Credit.

The startup has now received help with scaling after raising an undisclosed amount of funding from Ingressive Capital, Future Africa, Samurai Incubate, Microtraction, and two angel investors.

“The funds will be used mainly to fund technology development and hire engineering and editorial talent,” Nelson said. “In the coming weeks and months, we’ll be focused on increasing the number of loan products we have listed on the online marketplace and on onboarding microfinance banks, finance houses, and other financial institutions as lending partners. We’ll also be expanding the scope of our reviews beyond loans to other financial products like savings and investments.”

Uwem Uwemakpan, director of fund operations at Ingressive Capital, said it had invested in Evolve Credit because it believes the digital economy cannot work without access to credit.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigerian Digital Lending Platform Evolve Credit Raises $25k From Microtraction

October 12, 2020

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.

Co-founders, Daniel Osineye and Akan Nelson

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.

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