A year after expanding to Europe, Nigerian Fintech Lidya raises $8.3M to scale lending operations

Earlier this month, Nigerian Fintech and lending startup Lidya announced that it has completed its $8.3 million pre-Series B funding round.

In addition to the $1.3 million seed round secured in 2017 and $6.9 million Series A, a year later; Lidya has raised a total of $16.5 million.

Created in 2016 Lydia´s platform offers the opportunity for businesses to can create accounts and apply for loans ranging from $500 to $50,000, with decisions made within 24 hours.

Lidya claims to use 100 data points to evaluate each applicant and build a credit score for them to assess credit risk. When the company announced its raise in 2018, it had disbursed 1,500 business loans and was poised to enter new African markets. But it chose Europe instead.