DEAL: Nigerian startup, CreditChek, raises $240,000 in pre-seed round
Summary
This funding, the company said will be used to drive its vision of becoming the most reliable credit infrastructure in Africa in the next 5 years, fostering trust between lenders and borrowers.The funding was led by Atom Capital with participation from Aidi Ventures, Ham Serunjogi of Chippercash, Olumide Ogunsanwo of Adamantium Fund, Damola Adegboyega of Assembly Investors, Isaac Ewaleifoh of Launch Africa Ventures, and Ogundiran Kayode.CreditChek uses structured, user-permissioned data from multiple sources to create powerful Identity, credit and verification services that empower fintechs, banks, microfinance institutions, retail businesses and mobile money operators to build better financial products for the underserved.What they are saying Announcing the fundraising, CreditCheck co-founder, Kingsley Ibe, said: In April 2022, we launched our MVP in beta, testing with a few businesses and making iterations. In furtherance of that vision, we are pleased to announce that weve raised $240,000 in pre-seed funding led by Atom, he added. Explaining the role of CreditCheck in the economy, Ibe cited data from the National Bureau of Statistics, which showed that in 2018, financial institutions lost over $4B to chronic loan defaulters. These sorts of audacious schemes and a general unwillingness of customers to pay loans continue to overwhelm lenders. A platform that will enable both digital and traditional leaders reliably verify identity and assess the creditworthiness of potential customers, he said.