Alitheia Capital participates in $8.3m Nigerian fintech fundraise
Nigerian fintech company Lidya has completed its $8.3 million pre-series B funding round, led by Alitheia Capital through its uMunthu Fund.
Lidya is a digital platform that provides financing to SMEs, through the use of technology and proprietary credit scoring algorithms. In addition, Lidya has created dashboards and tools to help businesses manage their receivables and cashflow to build credit scores that unlock higher credit limits and affordable rates.
The new capital will allow Lidya to continue supporting SMEs and solidify its presence in existing markets with the hope of edging closer to bridging the $3 trillion SME credit gap.
Speaking on the investment, Alitheia Capital’s managing partner, ’Tokunboh Ishmael stated, “Lidya is tackling the fundamental challenge of providing access to credit for dynamic small and growing businesses that otherwise have limited options for financing working capital to scale their businesses in Africa and Europe. Alitheia Capital and Goodwell Investments are pleased to be backing a team whose mission aligns with our objective of driving growth and social impact by enabling access and inclusion to finance and financial services.”
Other investors that participated in the round include Bamboo Capital Partners, Accion, and Flourish Ventures.
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