Nigerian company Microtraction invests in online lending market start-up Evolve Credit
Microtraction, a Nigerian venture capital firm has just announced its investment in Develop credit, considered the first loan market startup in Nigeria to help Nigerians compare the most suitable loan options when applying for loan products.
The new investment is the fourth capital injection in 2020 and the 17th overall. Microtraction has also invested in Plentywaka, Chaka and Gradely.
The conditions detail how Evolve Credit will receive a first N9.1 million ($ 25,000) equity. Then followed by an additional investment of $ 50,000 once they reach a valuation of $ 1 million.
The cheapest loan – Evolve Credit
Online loan market, Evolve Credit was founded on May 4, 2020. They offer a one-stop-shop platform where Nigerians can receive comprehensive, unbiased and personalized information on personal, business and government loans.
Evolve Credit aims to make the market more inclusive, accessible and transparent for most Nigerians. Users will benefit from in-depth reviews on different loan products while comparing them to similar products.
Since the start, over 5,000 loan applications have been processed from its 17,000 registered users and over 20,000 visitors. Evolve Credit is working on its own loan product focused on the private sector lending market valued at N17.5 trillion.