• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Corporate deals
DEAL: Nigerian startup, CreditChek, raises $240,000 in pre-seed round

DEAL: Nigerian startup, CreditChek, raises $240,000 in pre-seed round

Samson AkintarobySamson Akintaro
1 year ago
in Corporate deals, Tech News
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s credit assessment startup, CreditChek said it has raised $240,000 in a pre-seed funding round. This funding, the company said will be used to drive its vision of becoming the most reliable credit infrastructure in Africa in the next 5 years, fostering trust between lenders and borrowers.

The funding was led by Atom Capital with participation from Aidi Ventures, Ham Serunjogi of Chippercash, Olumide Ogunsanwo of Adamantium Fund, Damola Adegboyega of Assembly Investors, Isaac Ewaleifoh of Launch Africa Ventures, and Ogundiran Kayode.

CreditChek uses structured, user-permissioned data from multiple sources to create powerful Identity, credit and verification services that empower fintechs, banks, microfinance institutions, retail businesses and mobile money operators to build better financial products for the underserved.

What they are saying

  • Announcing the fundraising, CreditCheck co-founder, Kingsley Ibe, said: “In April 2022, we launched our MVP in beta, testing with a few businesses and making iterations. While in Beta, we onboarded 30 businesses, processed thousands of API calls, and eventually came out of Beta in June 2021.”
  • “As coconut heads; we continue to be stubborn on our vision as financial inclusion advocates but flexible on our mission. Our vision is to be the most reliable credit infrastructure in Africa in the next 5 years, fostering trust between lenders and borrowers. In furtherance of that vision, we are pleased to announce that we’ve raised $240,000 in pre-seed funding led by Atom,” he added.
  • Explaining the role of CreditCheck in the economy, Ibe cited data from the National Bureau of Statistics, which showed that in 2018, financial institutions lost over $4B to chronic loan defaulters.
  • “In Kenya, an estimated 3.2 million people — 6% of the population, have been blacklisted on Kenya’s TransUnion credit reference bureau for non-repayment of digital credit loans. In Nigeria, it is not unusual to hear of customers who take loans from 3 to 5 lenders simultaneously and then disappear into thin air. These sorts of audacious schemes and a general unwillingness of customers to pay loans continue to overwhelm lenders.”
  • This is mostly because existing credit bureaus have a high barrier to entry and are therefore inaccessible to the average Nigerian business. Most low-income consumers aren’t captured in the formal banking system; hence limited historical data on underbanked consumers.
  • “So, we pivoted to building the credit assessment infrastructure for lending businesses in Africa. A platform that will enable both digital and traditional leaders reliably verify identity and assess the creditworthiness of potential customers,” he said.

Download Nairametrics App for breaking news and market intelligence.
   
Samson Akintaro

Samson Akintaro

Samson Akintaro is a tech enthusiast and has over a decade experience covering and writing about the tech industry. He is currently the Tech Analyst at Nairametrics.

Comments 1

  1. Mejabi Babatunde says:
    July 11, 2022 at 8:28 am

    May the promise from this guys be kept. The road to credit facility in Nigeria is too narrow and I want to believe that, way forward digitally will actually reduce the tension on the rope and
    trigger more power of importance of credit facility at home at large . Wishing them well in this great endeavor. Thank you.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • France to recall Ambassador, end all military presence in Niger, says Macron  
  • NSSF highlight commitment to mobilizing funds to improve healthcare
  • NiMPROP to take 14m children back to school and 16.5m Nigerians out of poverty

Follow us on social media:

Recent News

France announces plans to provide 10 million units of COVID-19 vaccine doses to Africa

France to recall Ambassador, end all military presence in Niger, says Macron  

September 24, 2023
NSSF highlight commitment to mobilizing funds to improve healthcare

NSSF highlight commitment to mobilizing funds to improve healthcare

September 24, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In