fbpx
Founder Institute Lagos Founder Institute Lagos Founder Institute Lagos
  • Home
  • About
  • Partners
  • Advertise
  • Contact
  • Signup to receive updates
Innovation | Startups | Funding | Tech Blog in Africa
Advertisement
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain
No Result
View All Result
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain
No Result
View All Result
Innovation | Startups | Funding | Tech Blog in Africa
No Result
View All Result
Home Funding

Nigerian Startup Creditchek secures $240k Pre-seed Funding

by Precious Udeorah
2022/07/08
in Funding
Creditchek - techbuild
Share on FacebookShare on Twitter
Tweet
Share
Share

Nigerian credit assessment startup Creditchek has raised $240,000 in pre-seed funding led by Atom Capital with support from Aidi Ventures.

The funding also so participation from Olumide Ogunsanwo of Adamantium Fund, Ham Serunjogi of Chippercash, Isaac Ewaleifoh of Launch Africa Ventures, Damola Adegboyega of Assembly Investors, and Ogundiran Kayode

Creditchek helps traditional and digital leaders properly verify, identify and evaluate the creditworthiness of potential clients.

Kingsley Ibe and Lionel Orishane launched Creditchek in 2021, which offers three product features that digital lenders may integrate into their applications or websites as well as a no-code platform for more conventional, less technologically advanced businesses.

RelatedPosts

Nigerian Youth? Apply for Turn Up Democracy Challenge 1.0

ANKA raises $5M in pre-Series A Extension Round to Accelerate African E-commerce

i3 selects 29 African Healthcare Supply Chain Startups for Funding and Impact Support

FATE Foundation announces AEP Digital for Nigerian Startup Founders

Customers can use the feature’s Income Insight to look at the user’s financial situation, gain important information about cash flow, and determine income to establish the right financing.

By utilizing BVN, NIN, and other real-time sources, its Identity function also enables businesses to learn the true identities of their clients.

The Credit Insight feature of Creditchek leverages historical credit information from a variety of sources to offer vital insights into the borrower’s credit and debt situation.

Ibe launched MicroMoni in 2019, a lending company that offered microloans to MSMEs, before founding CreditChek.

For every 10 loans, it allocated, 4-6 of those loans reverted as bad loans, which severely restricted the startup’s ability to allocate more loans, according to the founder of MicroMoni. This high NPL was a result of poor credit information.

Techbuild’s Take

The company realized the business model required a high cost of acquisition and much more to sustain the consumers, so it changed from its first version in December 2021 and onboarded a few hundred clients in the first two weeks.

The startup tested and iterated its MVP with a few firms before releasing it in beta in April 2022. Before terminating in June 2022, it accepted 30 organizations during its Beta phase and handled thousands of API calls.


Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates

Join @techbuildafrica on Telegram
Tweet
Share
Share
ShareTweetShareSendShare

Subscribe us

Recent Posts

  • Female Innovator? Apply for Africa Innovation Fellowship Program
  • Wikimedia Anambra Network sets to Mark a Year of Achievement and Awareness Campaign
  • IXPN, Medallion DC meet Stakeholders, discuss Internet Peering and Interconnectivity
  • Dr Krish crowns Technology Person of the Year at Tech Innovation Awards 2023
  • Nigeria Calls for Open, Secure Internet
  • Appraising OPPO’s Unwavering Commitment to Quality, Trustworthiness, Innovation, and Premium Excellence
  • Modernising Customer Communication is key to Improving Customer Experience
  • Stakeholders join Forces to support the Nigeria Innovation Summit 2023
  • THRIVE Studio Agrifood Tech Program closes Soon (Sep 30)
  • Why Debt Financing is Important for the African Business Market
Innovation | Startups | Funding | Tech Blog in Africa

© 2013-2021 techbuild.africa. All Rights Reserved.

Navigate Site

  • About
  • Contact
  • WE-Forum
  • Privacy
  • Sitemap
  • Terms
  • Blockchain
  • CleanTech

Follow Us

No Result
View All Result
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain

© 2013-2021 techbuild.africa. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In