Startup Profile: Meet Oradian, Provider of SaaS Tools for Nigerian Microfinance Banks

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Oradian

Banking has gone digital globally. However, in developing countries, financial institutions still struggle to digitalize their services. This problem distracts financial institutions from concentrating on their core competencies and business focus. But one company has been providing a very efficient solution to the problem.

Oradian is a Croatian FinTech cloud-based solutions to Nigerian microfinance and cooperative societies.

About Oradian

Founded way back in 2012, Oradian specializes in providing cloud banking services to financial institutions in developing countries. Operating from Zagreb and Nigeria, the company was started by Andrew Mainhart, Antonio Separovic, Julian Oehrlein, and Onyeka Adibeli.

According to co-founder and Oradian CEO Antonio Separovic, banks lend money but they do not do software. The vision is that financial institutions do not need the headache of managing their back office.

Oradian’s cloud-based banking tools “enables financial institutions to go digital”, said Onyeka Adibeli, the company’s Head of Implementation. Paired with guidance and support from their in-market teams, the company is enabling the successful digital transformation and implementation of global best practice for their community of financial institutions.

Providing Data-Driven Solutions for MFIs

The company developed Instafin, a Software-as-a-Service designed to help microfinance providers manage all core-banking activity.

Managers of banks take decisions based on the information they have available. However, their decisions are flawed by inadequate and irrelevant data arising from the poor knowledge of data and software. We solve this problem.

Instafin enables microfinance institutions, co-operatives and credit unions to serve the most rural clients affordably and effectively. Instafin enables financial institutions to eliminate manual, pen and paper processes and move to digitilized operations. Some financial institutions using the platform also offer time-based loans on a weekly, monthly or yearly basis.

Growth and Funding

With 24 clients, the company is already a big player in the Nigerian microfinance sector. LAPO, one of the biggest microfinance companies in Nigeria, attested to the potentials and impact of Oradian.

With Instafin, LAPO has eradicated “the cumbersome process of monitoring packs and client data management is now simpler and less stressful.” This has helped the bank reach “new clients and boost financial inclusion in Nigeria,” said Ms. Florence Omofonmwam, Head, LAPO Rural Development Initiative.

Initially focused on Nigeria, Oradian’s efforts have spread to other countries. The company has made inroads into the Philippines. With support from the Asian Development Bank and Cantilan Bank, the company has scaled its services in the Philippines. By February, it had 18 financial companies as clients.

Since its creation, the company has gone through four found funding rounds. It raised €112k in February from Middleton Enterprises. Other investors in the company include Credo Ventures, Playfair Capital, Day One Capital, Esther Dyson, Moaffak Ahmed and, Pule Taukobong (of the Africa Angels Network).

Oradian’s expertise and software services help to lift the burden off microfinance banks to develop in-house software solutions. The net effect is greater specialization and greater financial inclusion for Nigeria, and other developing countries.


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