Indicina, a Nigerian fintech firm that is building API-driven credit infrastructure for Africa, has raised $3 million in funding to help it expand into other African countries.
Greycroft and RV Ventures also participated in the investment round, which was led by Target Global. Ricardo Schaefer, a Target Global partner, will also join the board of directors.
Indicina is a digital infrastructure company founded in 2018 by Yvonne Johnson, Jacob Ayokunle, and Carlos del Carpio with the goal of enabling economic inclusion for African consumers and enterprises. The company’s core product is a data-driven lending platform that automates the credit value chain.
“Most lenders lack the technology and credit risk innovation needed to take advantage of this large consumer credit potential.” For more effective client acquisition and risk assessment, our tools provide a competitive digital offering underpinned by powerful data and analytics capabilities. Our enterprise customers are accelerating the digitization of customer journeys, while our fintech customers are using our APIs to power their embedded finance services. “We’re pleased to join with an exceptional collection of investors in this new investment round, which will power all of the workings of our next phase,” Johnson added.
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Indicina plans to utilize the funds to expand into new African areas, as well as to strengthen its core product offerings, develop more consumer credit recommendation tools, and improve its infrastructure.