Nigerian startup Indicina, which has developed a data-driven lending platform that digitizes the credit value chain, has raised a six-figure US dollar funding round as it looks to build out its product further.
Founded in 2018, Indicina helps both bank and non-bank lenders apply a data-driven approach to credit underwriting at scale, providing new insights into consumers and de-risking unsecured loans.
The startup offers cloud-based software to digitize the lending business, with its flagship product Originate taking an analytics-driven approach to lending. It empowers clients to unpack the credit value chain and digitize each step, including identity verification, credit decisioning, and disbursements and collections.
Chief executive officer (CEO) Yvonne Johnson said that the funding would be used mainly for product development in engineering and artificial intelligence (AI), as the startup looks to build on already-impressive uptake.
“We’ve processed over US$30 million in loan applications covering over 22,000 customers,” Johnson said. “Our client base includes lenders as well as SaaS verticals embedding finance within their platforms.”