Nigeria’s fintech Aella has received Ksh1 billion ($10M) debt financing from HQ Financial Group to lend to the underbanked.
The start-up has so far netted 300,000 borrowers by building trustworthy credit for emerging markets. Akin Jones, Aella CEO, revealed plans to build a one-stop app to enable customers access multiple financial services.
The new funding will go towards scaling lending operations as well as expanding the product base into payment. For instance, Aella will offer loans, peer-to-peer money transfers, bill payments, and affordable insurance plans.
Moreover, Aella intends to launch a blockchain-based lending market Creditcoin and build borrower creditworthiness with plans to net 1 million additional users by the end of 2020.
Aella focuses on giving credit in emerging markets with licensed operations in Nigeria and the Philippines. Furthermore, the new funding will go towards expanding across Africa and South East Asia.
The Start-up’s primary focus is on micro-lending products to the poor and low-income households, entrepreneurs, and nascent businesses in West Africa without access to financial institutions.
Since launching in 2015, Aella’s impressive growth shows over 193% increase in revenue and maintained a single-digit default rate.