Evolvecredit a Nigerian online marketplace for reviewing and comparing loan products has banked US$25,000 from Microtraction.
Founded in May 2020, by Daniel Osineye and Akan Nelson, Evolvecredit.co online marketplace helps Nigerians easily review information about different loan products, compare loan product options based on price, terms, and other factors, and then apply for the best offer.
Nigeria has thousands of licensed moneylenders, microfinance banks, online lenders, mobile lenders, and commercial banks, all of which have hundreds of thousands of combined loan products between them, and each with different rates and terms. Most borrowers are overwhelmed by all these options and can’t tell what makes one loan product different from the next.
Evolve Credit makes loans more inclusive, accessible, and transparent with the evolvecredit.co online marketplace where Nigerians can read in-depth reviews on multiple loan products, compare them side-by-side with similar products, and apply for select products on the marketplace.
“Our mission is to move the financial industry to a fully remote experience for all financial products, where users can see all of their options in one place and shop around for the best loans and financial products straight from their mobile phones.” says Akan Nelson.
Evolvecredit.co went live on the 4th of May 2020. Since then, it has processed over 5,000 loan applications from its 17,000 registered users and 20,000+ monthly visitors.
Evolve Credit is now integrating with the wider lending community, including licensed microfinance banks, finance houses, and moneylenders in the country.