Aella Credit, the tech-powered online lender, is closing in on a $8m funding round with a Consortium of US Based Investors and Debt Funders.
According to a reliable source, investors have already agreed to equity funding that would value Aella Credit at over $10 million. "The final paperwork has been signed and the round will officially close in the coming weeks," our source said. We have reached out Aella Credit's founders for confirmation. However they have held back on making any official statements for now.
Aella Credit disbursed over $1m in loans to about 1,100 borrowers in the course of its soft launch of operations. It has managed to do this while pulling of a 0% default rate. Aella Credit will launch its mobile lending application targeted at the low income segment of the population with smartphones in the first quarter of 2016. The application will be driven by Aella's current algorithm and mobile phone data.
Aella Credit recently participated in the Barclays Techlab Africa Demo Day and has been acclaimed to be one of the seven start ups to look out for in Nigeria in 2016.
