Nigerian digital loan startup Lidya has expanded to Poland and the Czech Republic. Having opened an office in New York, Lidya now has operations in Warsaw and Prague, it says, which is part of its aim to create 100-million jobs globally.
Lidya’s fintech platform lets small and medium-sized businesses (SMEs) register online for loans from $500 and get that credit within 24 hours. This process helps SMEs build a credit history for the first time.
The Nigerian lender had dispersed more than 10,000 loans to 2,000 businesses in its home market, as of July 2019. In its first year, Lidya issued $2 million of loans growing to $10 million in year two. It is on track to become the biggest digital lender in Nigeria by the end of the year, it says.
Lidya was founded by Tunde Kehinde, also the co-founder Jumia Nigeria, and Ercin Eksin, former CEO of Jumia Nigeria and COO of Jumia Africa.
It has raised nearly up to $10 million from Accion Venture Lab, Omidyar Network, Bamboo Capital Partners, Alitheia Capital, Goodwell Investments, and Newid Capital.
“We have built a world-class business that is helping SMEs to access the credit they need to grow, often for the first time,” says Eksin.
“Our technology is proven in Nigeria where we have helped thousands of businesses to create wealth and employment. Improving access to credit for SMEs is a global problem and we have ambitious international expansion plans to meet this challenge.
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