Founded in 2016 by Co-Ceo Tunde Kehinde and Co-CEO Ercin Eksin, Lidya uses a credit algorithm to allow small businesses to build a credit score and access financing to grow their business. Their platform uses over 100 data points to build a customized credit score.
Their loans have gone to micro, small and medium-sized enterprises (MSMEs) in farming, hospitality, logistics, retail, real estate, technology and health.
Lidya has built the application process through a free online account or the Lidya app. Through either portal, MSMEs can share bank account and transaction information to Lidya. MSMEs can then apply for a loan, which range from $500 to $50,000 and are decided upon in 48 hours.
Lidya raised $1.25 million in March of 2017. Accion Venture Lab led the round with participation from Newid Capital, Savannah fund and David Chan.
In May 2018, Lidya raised $6.9 million. Omidyar Network led the round which included Alitheia Capital, Bamboo Capital Partners, Tekton Ventures, Accion Venture Lab and Newid Capital. Lidya committed the new capital to expand its loans and scale, enter new markets outside of Nigeria and bring in more data scientists and engineers.
Documentaries, videos and podcasts
010 - Lidya and Tech Enabled Lending for Small Businesses in Nigeria
February 6, 2018