Indicina, a Lagos-based fintech startup which was established in 2018, has just raised 6-figure funding round that is expected facilitate its product development. The latest funding round is coming barely one year after the fintech startup raised $100,000.
The 6-figure funding round was led by investors like Acuity, Kepple, Itanna, and Future Africa. The company’s Chief Executive Officer, Yvonne Johnson, told Disrupt Africa that they are looking at developing new products in the areas of engineering and Artificial Intelligence and that the funding would go a long way.
Indicina serves both bank and non-bank lenders by enabling its clients to use a data-driven approach to credit underwriting. Indicina also utilises its cloud-based software to digitise lending, provide insights into consumers, and de-risk unsecured loans.
“We’ve processed over US$30 million in loan applications covering over 22,000 customers. Our client base includes lenders as well as SaaS verticals embedding finance within their platforms.
“We understand the business of credit and how technology – specifically end to-end credit journeys – can drive profitability of consumer loan portfolios. Innovation has placed demands on traditional lending business models.
“How do you expand consumer credit to under-and-unbanked populations in a prudent manner while shortening time-to-decision? Taking a cue from fintechs, leading banks have embraced the digital lending revolution, bringing “time to yes” down to five minutes, and time to cash to less than 24 hours,” said Inddicina’s CEO.
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