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Nigerian lending startup Aella Credit secures $10mn debt financing

Nigerian fintech start-up, Aella Credit has raised a $10m debt financing round, from HQ Financial Group (HQF),a Singapore-based private company specialising in new material science, semiconductor and blockchain financial investments.

The financing round is Aella’s second raise, and the company is planning to use the funding to bolster its commitment to serve the underbanked population in West Africa and other emerging markets. It previously raised $2m seed funding at the US startup program.

“Lack of access to credit and financial services has been the main impediment to MSME growth and poverty reduction in several emerging economies. Aella’s commitment to providing trustworthy credit to millions of people in the world’s emerging markets is improving financial inclusion, enabling MSME expansion and accelerating economic growth and this raise will allow us scale our expansion across Africa quickly”, said Aella CEO, Akin Jones.

The FinTech is also planning to expand its product portfolio, including a blockchain-based lending market called Creditcoin, to build borrower creditworthiness and aid in increasing its users.

Sun Han Gyu, Chief Executive Officer of HQ Financial Group said “We are excited to announce our partnership with Aella Credit which will significantly aid in the proliferation of micro-loan services to the underserved African populations who are unable to access banking services. HQF is impressed with their outstanding growth with very low default rate in the micro-loan business in Nigeria and look forward, through this initial investment of $10m to new growth opportunities in Africa and South Asia”.

Founded in 2015, by Akin Jones and Akanbi Wale, Aella’s mission is to build trustworthy credit for emerging markets with an initial focus on Nigeria and the Philippines. Its portfolio includes simple products in areas of loans, investments, bill payments, micro-insurance plans, and peer-to-peer money transfers. Aella is focused on expanding across Africa and South East Asia giving users access to a range of financial services.

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