Nigerian VC firm Microtraction has announced its investment in Evolve Credit, an online marketplace that helps Nigerians easily review and apply for the best loan products.
This is the fourth investment by the VC firm this year and its 17th all-round investment. Other startups that have received investment from the VC firm this year include Gradely, Chaka and Plentywaka.
Evolve Credit will get an initial funding of N9.1 million ($25,000) at 7% equity which Microtraction introduced this year. They will also get an additional $50,000 investment when they attain $1 million valuation.
Evolve Credit – Best Loan Marketplace
Founded by Daniel Osineye and Akan Nelson on the 4th of May 2020, Evolve Credit is an online loan marketplace that helps Nigerians compare loan product options based on price, terms, and other factors, and then apply for the best offer.
Before now, there was no single place where Nigerians can go to get unbiased, complete, and personalized information on personal, business, and government loan products that best suit their needs.
Evolve Credit, with its marketplace, plans to fill the gap by making loans more inclusive, accessible, and transparent for Nigerians. On the marketplace, users can read in-depth reviews on multiple loan products, compare them side-by-side with similar products, and apply for select products.
Since its establishment, the startup has processed over 5,000 loan applications from its 17,000 registered users and 20,000+ monthly visitors.
Following its initial success, Evolve Credit is now integrating with the wider lending community including licensed microfinance banks, finance houses and moneylenders in the country.
“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.”Akan Nelson, Co-founder Evolve Credit
With its business model, Evolve Credit plans to build a loan product that stands out in the N17.5 Trillion private sector lending market.
Along the way, they also plan to demystify the confusing loan marketplace for consumers and help lenders generate higher-quality leads and migrate their loan application processes online.
In Summary, Evolve’s marketplace is easily navigable, provides expert insights and creates a wealth of information on loan products in one place. For Lenders, the platform helps reduces the need to spend marketing dollars.
Microtraction with its investment believes the startup can grow to become Africa’s #1 loan marketplace.
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