Lidya (company)

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Original short description: "Multinational lending company"

company

Lidya is a fintech company and small and medium enterprise (SME) digital lender based in Nigeria.[1][2]

History

Founded in 2016 in Nigeria by Tunde Kehinde, Lidya has operations in New York, Lagos, Porto, Warsaw, and Prague.[3] As of October 2019, they had provided approximately 10,000 loans in Nigeria.[1] Most their clients are small businesses such as retailers, supermarket owners, boutique stores and pharmacies.[4]

Lidya uses an online scoring system to evaluate small business loan applicants.[1] They distribute microloans as little as $150 with turnaround time of 24 hours.[2][5]

In 2017, the company participated in the MasterCard Start Path Programme and raised $1.25 million from Accion Venture Lab. In 2018, the company raised $6.9 million in a series A round. Investors included Omidyar Network, Alitheia Capital, Accion Venture Lab, Bamboo Capital Partners, Newid Capital, and Tekton Ventures.[6]

In 2019, the company started targeting lending in Eastern Europe, including Poland and the Czech Republic, in order to expand.[1][2][7][8]

The company's co-founder and co-CEO, Tunde Kehinde, was interviewed by CNN and Techcrunch.[9][10]

References

  1. 1.0 1.1 1.2 1.3 "Nigerian Fintech Firm Targets $1.1 Billion in Eastern Europe Loans" (in en-US). https://finance.yahoo.com/news/nigerian-fintech-firm-targets-1-123547468.html. 
  2. 2.0 2.1 2.2 Shapshak, Toby. "Nigerian SME Digital Lender Lidya Expands to Europe" (in en). https://www.forbes.com/sites/tobyshapshak/2019/10/15/nigerian-sme-digital-lender-lidya-expands-to-europe/. 
  3. https://www.pulse.ng/bi/tech/nigerian-digital-sme-lender-lidya-launches-operations-in-poland-and-czech-republic/38rkp24
  4. "Nigeria's Lidya set on being biggest non-bank lender to SMEs with Polish, Czech expansion" (in en-ZA). 2019-11-07. https://ventureburn.com/2019/11/nigerias-lidya-aiming-biggest-non-bank-lender-to-smes-polish-czech-expansion/. 
  5. "Is fintech the key to African SMEs' Covid-19 recovery?" (in en). 2020-06-11. https://oxfordbusinessgroup.com/news/fintech-key-african-smes-covid-19-recovery. 
  6. "Nigerian fintech Lidya raises $6.9m in Series-A round led by Omidyar Network [Updated"] (in en-ZA). 2018-05-24. https://ventureburn.com/2018/05/nigerian-fintech-lidya-6m-omidyar/. 
  7. "Nigerian Fintech Firm Targets $1.1 Billion in Eastern Europe Loans" (in en). Bloomberg.com. 2019-10-14. https://www.bloomberg.com/news/articles/2019-10-14/nigerian-fintech-lidya-targets-1-1-billion-in-east-europe-loans. 
  8. "CEE fintechs step up as consumers dump cash" (in en). 2020-05-11. https://www.euromoney.com/article/b1ll0sm83wcn7s/cee-fintechs-step-up-as-consumers-dump-cash. 
  9. How one company is hoping to help small businesses thrive in Africa - CNN Video, https://www.cnn.com/videos/business/2020/03/24/tunde-kehinde-lidya-technology-africa-mpa.cnn, retrieved 2020-12-05 
  10. "A conversation with Tunde Kehinde of Lidya on finance and the digital divide" (in en-US). https://social.techcrunch.com/2020/09/17/finance-and-the-digital-divide-a-conversation-with-tunde-kehinde-of-lidya/. 


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