Nigerian micro-lending fintech startup, Aella Credit, has raised USD $10 million in order to expand across Africa and build its blockchain-based lending market, CreditCoin.
Aella Credit provides a broad array of financial products — savings, insurance, and specialized loans — specifically tailored for the needs of low-income households, entrepreneurs, and early-stage businesses in West Africa and beyond, with a view to lifting many out of poverty.
Founded back in 2015, Aella Credit has more than 300,000 borrowers across its Employer-Backed and Direct-to-Consumer verticals.
The company plans to use the $10 million for debt financing to scale its lending operations and expand its product base into payments.
This product will help to build borrower creditworthiness and aid the company in reaching its goal of acquiring one million additional users by the end of 2020, which could see it become the largest blockchain-backed financial services project currently running in Africa.
According to Akin Jones, CEO, Aella Credit:
“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 to access multiple financial services at low costs compared to what is currently available in the market.”
With the latest raise, Aella is completing its evolution to a full-service lending and payments platform, poised to play a greater role in providing a rich collection of financial services across Africa.
The company now seems to be focused on expanding across Africa and South East Asia enabling users to access a wide range of fast, convenient, and secure financial services. Through its app, Aella will allow users to have access to loans, invest safely and securely, affordable insurance plans, bill payments, and peer-to-peer money transfers.