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Nigerian fintech firm, Lidya to invest $1.1billion in Czech, Poland

In a bid to continue expanding its services into the international market, Nigerian Fintech firm, Lidya has launched in Poland and Czech Republic.

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Nigerian fintech firm, Lidya expands $1.1bn SMEs loans in Czech, Poland 

In a bid to continue to expand its services into the international market, Nigerian Fintech firm, Lidya has launched in Poland and Czech Republic.

The fintech company said that it plans to disburse €1 billion ($1.1 billion) in the next five years to small businesses unable to get bank loans.

[READ MORE: Banks, Fintechs, Telcos, others may lose 2% annual revenue to data breach – NITDA

Speaking about the launch, Lidya’s co-founder, Ercin Eksin reiterated the company’s objective to support the SMEs through the provision of loans in order to solve their funding challenges.

“We have built a world-class business that is helping SMEs to access the credit they need to grow, often for the first time. Our technology is proven in Nigeria where we have helped thousands of businesses to create wealth and employment. Improving access to credit for SMEs is a global problem and we have ambitious international expansion plans to meet this challenge.

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“Through Lidya, we have the opportunity to empower the growth of SMEs in Africa, Europe and around the world. SMEs create the most number of jobs and significantly contribute to GDP. We are on a mission to support the creation of 100 million jobs in fast-growing economies,” Eksin said.

Nigerian fintech firm, Lidya expands $1.1bn SMEs loans in Czech, Poland 

The company further announced that Tomasz Sekalski would be leading the Lidya team in Poland while Libor Vanicek would lead the team in the Czech Republic. Lidya made it known that it had disbursed more than 10,000 loans in Nigeria as it aimed to become the biggest SME digital lender in the market by the end of the year.

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[READ ALSO: Fintech: CBN issues new license]

Why this matters: The role of SMEs in enhancing economic growth and development has, over time, been widely acknowledged globally. Economic wealth all over the world is created through enterprises and the expansion of their output. This is why it is important to give SMEs the much-needed support as they create value and enhances the gross domestic product.

What you should know: Lidya was founded in 2016 by Tunde Kehinde, who also co-founded Jumia Nigeria. Since its establishment, Lidya has raised up to $10 million in funding. This current expansion adds to Lidya’s operations in New York, Lagos, Nigeria Porto, Portugal and Warsaw, Indiana, USA.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Tech News

Instagram disables its “Recent” feature

Instagram recently announced it had removed the “recent” tab from hashtag pages on a temporary basis

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COVID-19: Instagram cracks down on coronavirus AR effects, Instagram Tenders apology for fagging #EndSARS fake, Instagram has disabled the “Recent” feature for the forthcoming U.S election,

Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.

The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”

What you should know

Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.

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Instagram has also taken the following measures to ensure a successful November election.

  • The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
  • Serving as a means of information and tool to people in the US on the electoral process
  • The ban of any content that can thwart the success of the election.

(READ MORE:U.S dollar stable amid U.S holiday)

Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.

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“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”

Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”

Why this matters

The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.

 

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Tech News

Edlyft raises over $1.4 million venture capital during pandemic

Edlyft raised over $1.4 million in venture funding from a number of investors.

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Edlyft raises over $1.4 million venture capital during pandemic

Edlyft, an EdTech startup, has so far raised over $1.4 million in venture funding from a number of investors.

The investors include Kleiner Perkins, Y Combinator, Kapor Capital, Village Global VC, January Ventures, and Backstage Capital. Also, funding came from some respectable entrepreneurs such as Jeff Weiner (former CEO, now Executive Chairman of LinkedIn).

READ: StarTimes/NTA venture yielded no profit in 11 years – DG, NTA

It is practically impossible to run a business without capital, and sometimes, it is difficult to raise funds if the business is not well managed or successful.

Therefore, a balance must be struck; just as businesses strive to raise more funds for different purposes such as expansion, they must also strive to remain profitable.

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READ: Deals: Cisco-backed Harambe invests $200,000 in Max.ng, Releaf Group

Commenting on the latest development, one of the co-founders of the group, Erika Hairston told Forbes:

We started our post-demo-day fundraise in the final weeks of Y Combinator’s winter 2020 batch. Given that Black women receive only 0.06% of venture funding, I had a determined mindset; yet no one could’ve predicted the challenges of rising at the peak of uncertainty across the globe.

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READ: Renault eyes electric cars for China, as demand for petrol cars drops

READ: $70 billion per annum will be needed to tackle pandemic induced poverty – World Bank

“I remained optimistic however because due to pandemic and children and young people not being able to go to schools and universities, our work only became that much more needed in the world.”

She added, “Initially, it felt impossible to build new relationships with institutional funds who didn’t already know us or who weren’t focusing only on their portfolio. As the world adjusted to fully remote, so did we and the investor community. One of the fun facts about our fundraising journey is that 10% of our investors came solely from introductions over Twitter.

READ: Paystack partners Google to empower SMEs in Nigeria, Kenya, and South Africa

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What you should know

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Edlyft is a paid support platform that helps college students and adult learners through CS courses, by pairing them with inclusive mentors, online group tutoring, and tools for navigating complex subjects.

Venture capital is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.

READ: Biggest IPO: World’s biggest Fintech plans to raise $34 billion 

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Market Views

Biggest IPO: World’s biggest Fintech plans to raise $34 billion 

Ant Group has begun the process of a concurrent initial public offering in what could mark one of the biggest IPOs of 2020.

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Biggest IPO: World's biggest Fintech plans to raise $34 billion 

The world’s payment juggernaut, Ant Group, is hoping to raise $34.5 billion in its dual initial public offering (IPO) after setting the price for its shares today, making it the biggest listing of all in modern history, in a report credited to CNBC news.

The Chinese financial powerhouse had earlier disclosed previously that it would divide its stock issuance equally across Chinese major stock exchanges, which include Shanghai and Hong Kong, issuing 1.67 billion new shares at each of those exchanges.

READ: Square buys $50 million worth of Bitcoins

READ: Airtel announces share price today as pre-IPO interest hits $200 million

READ: This report explains why Nigerians are bent on leaving the country

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Ant Group’s Shanghai-listed shares will be quoted at 68.8 yuan each. The issuing of 1.67 billion shares would raise 114.94 billion yuan or $17.23 billion.

  • The Hong Kong-listed shares have been priced at 80 Hong Kong dollars each, raising 133.65 billion Hong Kong dollars or $17.24 billion.
  • The listing would produce a return of at least $34.5 billion, as the figure could go higher if the so-called over-allotment option is exercised, depending on demand.
  • It would make it the largest initial public offer of recent memory, putting it ahead of previous record-holder Saudi Aramco, which raised about $29 billion.

READ: MTN may rake in $600 million from Jumia’s planned listing

READ: Jack Ma’s fintech firm is set for IPO, signalling prospects for Nigerian fintechs

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READ: Gold futures drops to $1727.80 as America, China tension deepens

What you should know

Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the popularly known e-commerce company Alibaba.

  • Ant Group remains the world’s most valuable FinTech company, and most valuable unicorn company, with a target valuation of over US$280 billion.
  • The group owns China’s largest digital payment platform, Alipay, which serves over one billion users and 80 million merchants, with total payment volume (TPV) transaction reaching RMB118 trillion in June 2020.

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