The fintech’s mission statement is “to enable lenders to unlock economic inclusion for African businesses and consumers.” With the funds secured, it plans to further the mission. 

Nigerian fintech startup Indicina announced, Monday (June 6), the successful completion of a US$3 million seed funding round to accelerate African expansion. Led by tech investment firm Target Global, the operation had Greycroft and RV Ventures as participating investors. 

According to Indicina co-founder Yvonne Johnson (photo), the Nigerian fintech wants “lenders to be better informed about the decisions around credit so they can go to market faster with their digital products.” 

“So we’ve never had a business model that included our balance sheet, which we’ve always worked with the lenders,” she told Techcrunch. 

Indicina was founded in 2018 by Carlos del Carpio, Jacob Ayokunle, Yemi Ajao, Yvonne Johnson. Apart from Nigeria, it is also present in Kenya. It offers machine learning solutions that improve individuals' and businesses’ chances to get access to credit. As company insight platform Crunchbase puts it, it “provides analytics-driven credit decisions for lenders.” 

The fintech claims more than 100 active clients (lenders), which it helped process over NGN3 billion (US$7.2 million) loans and disburse over NGN700 million. Since its launch in 2018, Indicina has raised some US$7.2 million to upgrade its technology and hire more talents. 

Adoni Conrad Quenum