Nigerian microlending start-up, Aella Credit, has successfully raised a debt financing round of USD 10 million, which will enable the company’s expansion and product innovations.
The fintech firm provides a much needed financial cushion to low-income households, entrepreneurs, and nascent businesses in West Africa, offering services such as savings, insurance, payments, and specialised loans.
“Lack of access to credit and financial services have 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 Aella CEO, Akin Jones.
Since its inception in 2015 by Jones and Akambi Wale, the company’s CTO in Lagos, Nigeria, Aella has stamped its authority as the most trusted credit lender for the emerging markets having its initial focus on Nigeria and Philippines, where it is licensed to operate.
The purpose of this second debt financing round by the company was to bolster its aim to serve the under-financed population in West Africa and other emerging markets.
Aella is also positioning itself to expand its product base to include a blockchain-based lending market called Creditcoin in a bid to build borrower creditworthiness and help in achieving its ambitious one million additional users by the end of 2020.
“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,” Jones added.