Indicina Technologies has raised a US$ 150,000 seed round from the Honeywell Group’s venture capital arm, Itanna.
The fintech startup will channel the funds towards expanding its operations within Nigeria, and to further build its proprietary technology platform. Some of the funds will also be used to expand into other regions in Africa.
Indicina’s product Originate, is a ending-as-a-service platform that leverages machine learning to drive a digitally led consumer finance strategy.
Indicina’s plan is to develop the product in a manner that advances the digitization of the credit value chain across all customer segments and allowing lenders, banks, and non-bank, to underwrite risk intelligently, helping to improve default rates within the industry.
Originate manages the entire process from customer acquisition, operations and underwriting, portfolio management, to loss management.
Director of Itanna, TomI Otudeko, said, “The credit lending industry needs innovative, industry-leading tools to tackle the unique challenges presented to lenders in developing countries.”
“What Indicina and the team have developed over the last two years is hugely impressive, and we’re excited to be working together to create a global market leader. Indicina is a great example of the type of founder-led, capital-efficient business that we like to invest in,” added Otudeko.