To build its credit data infrastructure throughout East Africa, Nigeria’s CreditChek raises $600K
In order to increase its data coverage throughout East Africa, Nigeria’s CreditChek, a credit infrastructure firm that helps fintechs, lenders, and financial institutions evaluate risk, lower default rates, and scale lending through credit and alternative data, has received US $600,000.
CreditChek, which was founded in 2021 by Kingsley Ibe and Lionel Orishane, is constructing the data infrastructure for more ethical financing throughout Africa. By combining and standardizing data from various sources, such as credit bureaus, financial institutions, and alternative data providers, into a single API for real-time decision-making, the company assists fintechs, lenders, banks, and other financial institutions in evaluating risk, lowering defaults, and increasing credit availability.
The firm has already made money in Nigeria and handled over US$60 million in loan applications from one million distinct individual profiles. As it strives to become a premier credit infrastructure layer for African financial services, it is currently growing its presence throughout East Africa.
It is accomplishing this with the assistance of US$600,000 in fundraising from a round headed by Janngo Capital, in which Assembly Investors, an existing investor, and Vastly Valuable Ventures and Unipeg Capital are new investors.
With this additional capital, CreditChek intends to collaborate closely with banks, microfinance organizations, and fintech lenders in order to strengthen its integrations throughout important East African markets.
“Access to high-quality credit data remains a major bottleneck for financial services growth across many African markets. We’re building the data infrastructure that allows lenders to access richer, more reliable insights,” said Ibe. “This funding allows us to scale our infrastructure and partnerships in East Africa, bringing us closer to a future where credit decisions are faster, more inclusive, and more reliable.”
Fatoumata Bâ, founder and executive chair of Janngo Capital, said she was proud to lead the round.
“CreditChek has demonstrated both strong execution and product-market fit. By enabling lenders to make better decisions using alternative data, the company is helping expand access to financing for millions of underserved individuals and businesses while addressing Africa’s estimated US$331 billion MSME financing gap,” she said.
