CARMA data marketplace
Home Startup CARMA Relocates Headquarters to Lagos, Set to Provide its Data Services across Africa
Startup - January 29, 2021

CARMA Relocates Headquarters to Lagos, Set to Provide its Data Services across Africa

CARMA, a technology startup that provides data services to lending platforms, has relocated its headquarters to Lagos. The company said it will now operate from Nigeria’s commercial capital to avail African lending startups access to real-time credit data of their customers.

CARMA was first established in Kenya back in July 2020 after its co-founders participated in one of Antler’s accelerator programmes. And then in November last year, the company indicated its intention to move to Lagos after raising an undisclosed amount from Microtraction, a Nigerian early-stage venture capital firm.

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One of the company’s Co-founders and current Chief Executive Officer, Ted Martynov, said the company is expectant it will start processing transactions in Nigeria early this year. In the meantime, the company is planning an Africa-wide expansion, as well as a rollout in the South East Asian country of Vietnam.

“We provide lending organisations with credit assessment – including unbanked individuals – and we also allow other industries to contribute to sharing their data on our marketplace. It includes KYC, purchasing, credit information… We do not limit types of data, we take care to build a common language between data contributors and consumers. All of this is done on a fully decentralised basis. We do not store any data from our customers. It is like the internet, but the internet for corporate data.

“On stage one, we link the digital footprint of individuals made beyond traditional credit history and make it available for lenders. They make better credit decisions, and borrowers get better access to financing for better terms. This brings us out of competition with credit bureaus; we build a more inclusive environment as an alternative solution for credit data.

“The data stays on the side of the home company and is not aggregated somewhere in a centralised data silo, and only becomes available through specific requirements, providing ultimate control and transparency in data management,” said Martynov. “By linking your corporate data to CARMA’s platform, you are only providing information to other industries to make better business decisions.

“We have everything to implement our go-to-market strategy now. We are backed with amazing proprietary technology for decentralised data sharing, an experienced team, and the inspiration to make the world better,” Martynov told Disrupt Africa.

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