Trade Lenda, Nigerian Fintech Startup Secures $520m in pre-Seed Round to Scale
Trade Lenda, a Nigerian fintech firm that provides access to financing for micro, small, and informal retailers’ business needs, has acquired US$520,000 in pre-seed funding to accelerate its expansion.
The Lagos-based Trade Lenda was established in 2021 to assist small businesses in obtaining quick and affordable credit with no upfront collateral within six hours. The startup’s data-driven credit-scoring engine assesses a person’s moral integrity and ability to fill small businesses’ access to rapid and effective financing gaps.
With over US$2 million in disbursements and an average disbursement period of less than six hours, the startup has so far given credit to over 1,500 firms.
After receiving a US$520,000 pre-seed fundraising round, it increased revenues by 5 times between 2021 and 2022 and now anticipates a 10 fold increase in 2023.
Investors with an eye toward Africa, such as Sovereign Capital, ARM Labs, and Expert Dojo, as well as a few angel investors with roots in Nigeria, provided the funding.
“Growing up, I had first-hand knowledge of how small businesses may play a crucial role in determining the future of which I am a part. My mother was a store. According to Adeshina Adewumi, CEO of Trade Lenda, “This is one of the things that drives us because we fully understand that we can support today with our combined experience the millions of women like my mother who would go on to support their families at home.
