Nigerian fintech startup Trade Lenda, which helps micro, small and informal retailers with access to financing for their business needs, has raised US$520,000 in pre-seed funding to speed its growth.
Founded in 2021, the Lagos-based Trade Lenda helps small businesses get quick and affordable access to credit with zero upfront collateral within six hours. The startup’s data-driven credit-scoring platform evaluates character and capacity to bridge access to quick and efficient finance gaps for small retailers and suppliers.
The startup has so far provided credit to over 1,500 businesses with over US$2 million in disbursements, with an average disbursement time of less than six hours. It grew 5x between 2021 and 2022, and now plans to grow revenues 10x in 2023 after securing a US$520,000 pre-seed funding round.
The funding came from Africa-focused investors including Sovereign Capital, ARM Labs, and Expert Dojo, as well as a couple of Nigeria-based angel investors.
“My mum was a retailer and growing up I had first-hand experience on how small businesses can be instrumental to shaping the future which I am part of today. This is one of the things that drives us, knowing fully well that we can support today with our collective experience of millions of women like my mum who would go on to support their families at home,” said Adeshina Adewumi, CEO of Trade Lenda.
