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Nigerian P2P Lending Startup Sycamore raises Undisclosed Seed Funding

by Cynthia Nwanonyiri
2022/04/06
in Funding
Sycamore - techbuild
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Sycamore, a Nigerian peer-to-peer (P2P) loan firm, has raised an undisclosed seed round to extend its operations.

Sycamore, which was founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun, employs unique risk evaluation tools to award business loans the same day via its website and freshly announced mobile app.

White Hibiscus Capital (WHC), a US-based venture capital firm, led the unannounced seed investment round, which also included a number of additional private investors.

Sycamore will use the funds to raise market awareness, double down on its financial education efforts, and acquire enough engineering talent to expand its operations as it embarks on a strategy to expand to other African countries.

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The company has already distributed millions of dollars to thousands of small businesses in Nigeria, and it has also added a function that allows users to control loans issued to family members.

The “Loan Friends” function of the Sycamore app allows users to seek a loan from a friend or family member, which then sends scheduled notifications and automatically collects the loan on the given deadline.

Sycamore’s COO, Adeosun, claimed that the company has always been wary of providing clients with unique experiences.

The team didn’t want to simply release another “lending app” onto the market without providing users with any added value.

Sycamore engaged its consumers on their requirements because it is a customer-centric company. The company is happy that its software is used on a daily basis to manage loans provided to or received from friends and relatives.

Sycamore is also doing an exceptional job of getting loans to small firms in record time, according to Bade Aluko, managing partner of WHC. He praised the team’s technologically-driven effort to make things easier for clients, and WHC indicated an interest in having Sycamore functioning in further African countries.

Techbuild’s Take

Obtaining a business loan can be a difficult task because of the numerous requirements imposed by microfinance and banking institutions. The procedure of obtaining a loan has been simplified thanks to lending applications.

Mobile app development for loan lending has grown to be one of the most effective and inventive ways for FinTech organizations to provide value to their clients.

A loan lending mobile app enables businesses to offer products and services in a variety of ways while maintaining a strong focus on the user experience.

Loan lending mobile apps, often known as money lending apps, have grown quite popular due to the wide range of use instances they may cover.

Users in need of a loan can quickly acquire a microloan through a loan app, bypassing the complexity of traditional banks.

Although loan lending apps may appear to be insignificant, some of them are revolutionizing the financial business.

When used correctly, a loan lending app has the potential to provide financial resources to people who might be excluded from the regular banking system.

A loan app designed specifically for mobile devices can help organizations overcome some of the challenges they face when expanding lending availability to certain populations, particularly small business owners.

This isn’t to claim that it’s the only advantage a mobile loan lending app provides; it’s just one of the most important.

Other advantages include the convenience with which users may use the funds in their bank account to manage their costs as they deem appropriate, and the fact that these lending platforms have debtor information and methods on how to get paid is the best part.


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