Startup News

After Expanding to Europe, Lidya set to become Biggest SMEs Lender

Lidya - cfamedia

Lidya, Nigeria’s fintech startup sets to be the world’s number one non-bank lender to SMEs all over the world.

The fintech platform helps small businesses to secure their funds while also making provision for finance.

According to Lidya CEO and Co-founder, Tunde Kehinde, the idea of the project is to become the largest non-bank financier to SMEs around the world and that is the fntech platform is up to achieve.

Tunde Kehinde a Nigerian with the other Co-founder Ercin Eksin previously worked in the logistics industry before establishing Lidya.

Sometime in May 2018, the fintech startup raised a $6.9-million Series-A fund and has raised $8.2-million in total since its establishment.

Having offered over 10, 000 loans amounting to $31-million since it commenced its operations to small businesses including store owners and retailers, it appears as if the projects are moving well for the fintech platform.

According to figures from Eksin, the number of loans offered to SMEs has seen a steady increase.

In the month of August, it had given out not less than 700 loans which had grown to over 800 by September and by last month it had reached 950 in number.

After opening offices in Czech and Poland, the startup now plans to launch its full services in the European countries by the end of 2019.

Also read, Nigeria Fintech Platform Lidya Expands Operations To Europe

The recent European offices were an addition to Nigeria, the United States and Portugal branches and in all, the fintech startup boast of not less than 50 employees.

According to Kehinde, the SME credit gap in the two European countries has a value of around $3-trillion. Lidya has its focus on fast-growing economies.

Eksin discarded the notion that the country of origin for Lidya may give it a set back as he believes that as long as the technology behind the platform delivers, their partners and clients don’t care where it has its origin.

What’s top of our mind is how can we help SMEs, it’s not whether or not we’re Nigerian, (it’s) that we have fantastic innovation and have a great team solving a big problem”. Added Kehinde.

Featured Image: Ventureburn

Don’t miss important articles during the week. Subscribe to cfamedia weekly newsletter for updates.

Thanks for Contributing!