Itanna, the venture capital arm of Honeywell Group, announced its participation in Indicina Technologies’ most recent round of seed funding, investing $150,000 in the fintech startup.
The new financing will accelerate the startup’s continued expansion within Nigeria, as well as support further development of its proprietary technology platform and their pursuit of expansion opportunities in other African markets.
Indicina’s flagship product, Originate, is an innovative full-stack lending-as-a-service platform utilising machine learning to drive a digitally led consumer finance strategy.
With rapid product development as a key focus,Indicinawill continue to develop Originate to advance digitisation of the credit value chain across all customer segments and allowing lenders, bank and non-bank, to underwrite risk intelligently, helping to improve default rates within the industry.
The Originate platform can manage the entire process from customer acquisition, operations and underwriting, portfolio management, to loss management. The rising demand for digital tools across the continent presents an opportunity for Indicina to explore the deployment of Originate in other African markets.
“The credit lending industry needs innovative, industry-leading tools to tackle the unique challenges presented to lenders in developing countries,” said Tomi Otudeko, Director of Itanna.
“What Indicina and the team have developed over the last two years is hugely impressive, and we’re excited to be working together to create a global market leader. Indicina is a great example of the type of founder-led, capital-efficient business that we like to invest in.”