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Nigerian Lending Marketplace Gets Noticed

Evolve Credit has raised a pre-seed round of funding to help scale its product, which allows users to compare loans and access unbiased insights from experts. Using Evolve Credit, users can see which loan pays faster, is easier to pay back, and offers the lowest rates, all in one place. The marketplace brings lenders and borrowers together in one place, and makes comparison easier. Lenders are able to accept loan applications, as well as handle tasks such as portfolio management, credit scoring, disbursement and collections through Evolve Credit’s cloud-based lending software. “The startup is working to end paper applications in financial institutions, as well as increase inclusion and transparency in financial markets giving everyone access to credit regardless of where they are in Nigeria,” said Akan Nelson, founder and chief executive officer (CEO) of Akan Credit. The startup has now received help with scaling after raising an undisclosed amount of funding from Ingressive Capital, Future Africa, Samurai Incubate, and two angel investors. Uwem Uwemakpan, director of fund operations at Ingressive Capital, said it had invested in Evolve Credit because it believes the digital economy cannot work without access to credit.