In order to increase credit availability for African individuals and businesses, the Nigerian digital lending startup Carrot has raised US $4.2 million in seed funding.
Carrot gives consumers access to credit by enabling them to use assets as collateral, such as stocks, fixed-income securities, cryptocurrency, and other alternative investment products. Since its inception, the company has provided services to over 10,000 users and created over US$2 million in credit.
“Access to credit shouldn’t be limited by geography or legacy infrastructure,” said Bolu Aiki-Raji, founder and CEO of Carrot. “People in Nigeria and across Africa are already investing in digital assets – but there’s no ecosystem to help them unlock liquidity when it matters. Carrot is building that bridge, helping users leverage their investments and take cash out when they need liquidity the most.”
Partech Africa and Authentic Ventures joined MaC Venture Capital in spearheading Carrot’s US $4.2 million seed funding round. Carrot’s team will expand, operations will be scaled, and product development will be accelerated with the funding.
“What excites me about this investment is how Carrot is leveraging digital assets to create a seamless, low-barrier credit solution in markets where credit has traditionally been out of reach,” said Marlon Nichols, co-founder and partner of MaC Venture Capital. “We see the fintech space evolving rapidly, especially in regions like Africa, where traditional credit systems have struggled to keep pace with innovation. This investment not only strengthens our portfolio but also positions us in one of the most exciting but underserved sectors in global fintech.”
