Nigeria’s Trade Lenda, a financial service company that assists Micro, Small and Medium Enterprises with access to financing for business needs has raised $520,000 to help business in the supply value chain segment to grow their businesses through technology by digitizing access for millions of MSMEs in Nigeria and soon across Africa.
The funding was led by African-focused Investors like Sovereign Capital, ARM Labs, Expert Dojo, and a couple of Angel Investors in Nigeria.
Founded by Adeshina Adewumi as CEO, Shina Arogundade as COO, and Oluwatosin Ayodele as CTO, the team want to help the over 18 million MSMEs in Nigeria alone and over 100 million across emerging markets with a financing gap of over $5 trillion (over 60% of these figures are women).
So far, Trade Lenda has provided credit to over 1,500 businesses with over $2million in disbursements with an average disbursement time of less than 6 hours. The firm says its technology allows it to underwrite requests quickly and efficiently from its users while limiting its risk exposure with Non performing loans less than 1%. The goal is to help be that bridge for MSMEs to become big brands like Spar, ShopRite or even Walmart. At the end they would be able to add economic value to the society, create millions of jobs and better support their families.
The financial service company assists Micro, Small and informal retailers with access to financing for business needs. It also assist retailers with access to distributors and manufacturers. The Lagos-based firm believes that every business has a higher potential to grow bigger when provided financial support. Trade Lender is on a mission to help SMEs accross emerging markets access financing for business growth.