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Nigerian fintech startup Trade Lenda, which helps micro, small and informal retailers with access to financing for their business needs, has raised USD 520 K in pre-seed funding to speed its growth. 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.
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. Leveraging technology such as machine learning, they are underlying a smart algorithm to digitize access for millions of MSMEs in Nigeria and soon across Africa.