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Nigerian fintech startup receives $25 000 in funding

Nigeria-based Venture Capitalist firm, Microtraction has invested $25 000 in Evolve Credit, a loan and financial marketplace aimed at assisting Nigerians to select the best-suited loan product.

Evolve Credit has received $25 000 in funding from Venture Capitalist firm, Microtraction

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Microtraction’s angel fund was created to help ease Africa’s move into a sustainable and developed economy. This fund gives African tech entrepreneurs who show interest in leveraging technology, capital, and problem-solving, access to pre-seed funding.

An unbiased loan platform

Founded in May 2020, by Daniel Osineye and Akan Nelson, Evolve Credit is a tech startup that aims to provide an effective and easy-to-use platform for locals seeking a loan or financial assistance. Evolve Credit’s platform allows users to compare loan products and access unbiased, personalised information around available loan funding from personal to business.

Users can review and compare information about the price and terms of different loan products and then apply for a loan best suited.

Akan Nelson, CEO of Evolve Credit, was a process analyst for United Bank for Africa (UBA) where he specialized in how financial products work. He also worked at African Leadership Academy doing strategic fundraising and sales.

Daniel Osineye, CTO of Evolve Credit, is a Software Engineer with skills in building and shipping web and mobile applications. Osineye has also worked with the African Leadership Academy.

Together the duo created Evolve Credit to offer transparency and inclusivity in the financial and loan sector of Nigeria.

Financial inclusivity

According to reports, Evolve Credit has managed to process over 5 000 loan applications with the intention to increase inclusivity, accessibility, and transparency for Nigerians in the market.

Akan Nelson, CEO of Evolve Credit, discusses their goal to shift the financial industry to become more online friendly and transparent.

“Our mission is to move the financial industry to a fully remote experience for all financial products, where users can see all of their options in one place and shop around for the best loans and financial products straight from their mobile phones,” says Akan Nelson.

A team of experts consultants with users to help you choose the best financial product suited for them. All decisions are data-driven, 100% independent, and approved by experienced finance professionals. A database consisting of loans, insights, financial products, and tools will be available to use with no additional cost.

Nigeria has many licensed moneylenders, microfinance banks, online lenders, mobile lenders, and commercial banks, however, they all have different terms and conditions.

Most borrowers cannot understand the difference between products nor do they have access to efficient online applications where they can manage their loan portfolio, automate loan disbursements and collections, and develop credit scoring models in one place.

This is where Evolve Credit steps in, providing a solution and effective platform for locals to access information easily.

Evolve Credit’s goal is to eliminate paper from the loan and financial product application process. This is to ensure that people can apply for a loan, open a savings account, or get car insurance without traveling to a physical branch.

Read more: Microtraction backs Nigeria’s Sendbox in investor’s first deal of the year [Updated]
Read more: Nigeria’s Microtraction announces its sixth deal, with cloud accounting startup

Featured image: Ketut Subiyanto via Pexels 

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