One of the formidable fintech startups in Nigeria Aella Credit has received US$10 million to expand its debt financing service, gain more market shares and launch new innovative products.
Aella Credit is a fintech startup that has simplified borrowing in Africa. This is indeed a commendable feat especially in a place like Nigeria where credit system is almost non existent.
The startup aims to help customers build financial independence by building simple products like loans, investments, bill payments, micro-insurance plans and peer to peer money transfers. Aella Credit is so remarkable in that you can get a loan within 5 minutes of applying with fewer paper works and less stress. It even offers loans to virtually everyone as long as you have shown that you can service the loans.
The ability of Aella Credit to leverage technology and widespread mobile adoption has made it possible for her to build products that can impact at the frontier of Financial Inclusion.
Aella Credit received the US$10 million from the Singapore based HQ Financial Group(HQF) which specializes in new material science, semiconductor, and blockchain financial investments. They hope to use the funding to increase there debt financing, expand into more markets and build more products.
“Lack of access to credit and financial services has been the main impediment to MSME growth and poverty reduction in several emerging economies. Aella’s commitment to providing trustworthy credit to millions of people in the world’s emerging markets is improving financial inclusion, enabling MSME expansion and accelerating economic growth and this raise will allow us scale our expansion across Africa quickly,” said Akin Jones, the co-founder of Aella Credit.
In the bid for Aella Credit to build borrower creditworthiness and aid in the acquisition of one million additional users by the end of 2020, it announced that it will invest in a bloackchain based lending market called Creditcoin.
“We are building a one-stop app for all transactions partnered with regulated industry leaders to help distribute products faster, better and cheaper to end-users in Nigeria and across the markets we plan to launch. This app will allow users access multiple financial services at low costs compared to what is currently available in market,” Jones said.
The CEO of HQF Sun Han Gyu in excitement and optimism said that the partnership will make it possible for the underserved people in Nigeria to receive micro loans and for credit system to be maintained in Africa.