Evolve Credit Receives $75,000 Equity Investment from Microtraction

Recently launched Nigerian fintech startup, Evolve Credit, is set to receive a total of $75,000 worth of investments from Nigerian venture capital firm Microtraction. This is according to an announcement by Microtraction, yesterday, as seen by Business Elites Africa.

According to the statement, Evolve Credit will receive the funding in batches. The first batch of $25,000 will be given immediately, while the remaining $50,000 will be disbursed when Evolve Credit reaches $1 million valuation.

In the meantime, Microtraction said it’s a pleasure to welcome the startup into its fold. The Nigerian VC firm has carried out four investment rounds this year despite COVID-19, and a total of seventeen since it started operation. Other notable startups that it had previously invested in include the likes of Plentywaka, Chaka, and others.

We are excited to announce our investment in Evolve Credit 🚀 @EvolveCreditCo helps Nigerians review information about different loan products, compare loan product options based on price, terms, and other factors, and then apply for the best offer.https://t.co/sndRty03aG

— microtraction (@microtraction) October 8, 2020

About Evolve Credit

Evolve Credit was founded in 2019 to play a very crucial role – to help Nigerians to compare and contrast between loan products using such yardsticks as price, terms of loan, interest rates, etc. Users can then apply for these loans via the Evolve Credit platform.

The startup was co-founded by a former Process Analyst at United Bank for Africa (UBA) Plc, Akan Nelson, who currently serves as the Chief Executive Officer and CFO. He said “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.”

The other co-founder, Daniel Osineye, is a Software Engineer who had previously consulted for organisations such as Bridge Labs, Riby, African Leadership Academy, etc.