Nigeria Fintech Startup Expanding to Europe.


Nigeria leading Fintech start-up company Lidya as on Monday announced that it is expanding its horizon to the European continent. Lidya is funded by venture capital such as Omidyar Network and Alitheia Capital and it plans to disburse 1 billion Euros($1.1 billion) to small businesses that are unable to get loans in the next five years. The company is planning on expanding to Poland and the Czech Republic.

“Together with the long-term investors on our side, we are basically agnostic to business cycles. During slowdowns, banks restrict themselves from taking risks while businesses still need to function and finance their operational expenses,” said Tunde Kehinde, co-founder of the firm.

The firm as since its existence issued 10,000 loans to Nigerian Small Businesses and it has planned to enter four countries each year.

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