Lagos based finance company OneFi today announced that is
has secured a $5-million debt facility from New York and Nairobi-based debt
platform Lendable.
In a statement today (8 March), OneFi said the investment
will be used to deploy more loans on its consumer facing mobile platform
Paylater. The platform also helps users transfer money, recharge airtime and
pay bills.
OneFi was founded in 2012 by CEO Chijioke Dozie and director
Ngozi Dozie. Business intelligence platform Crunchbase estimates that — excluding
this latest investment — OneFi has raised a total of $10.8-million across three
funding rounds.
OneFi CEO Chijioke Dozie the investment from Lendable is the
firm’s first internationally-backed commercial debt transaction, and marks an
important stage in the company’s development as it looks to serve the “next
billion”.
“As we transition into a full service digital bank, this
financing will allow us to execute on a number of new products. This includes
our partnership with Visa, whereby we’ll be providing credit via QR codes at
supermarkets, clinics and on public transport in H1 2019,” added Dozie.
OneFi said in the same statement that since launching Paylater
in 2016, the consumer facing platform has deployed over $60-million across 750
000 loans — approving over 1500 loans daily at an average of $80 per loan.
OneFi expects to use this investment to double in size
within Nigeria before it enters new markets later on this year.
The company said its deal with Lendable comes just two month
after it secured a “BB rating with stable outlook” from Global Credit Rating
Co. OneFi claims this is the continent’s first credit rating for a fintech
platform.
Lendable’s backers include the Omidyar Network, KawiSafi
Ventures and the Dutch Development Bank (FMO).
Lendable CEO Daniel Goldfarb said the firm is “incredibly
excited” to launch its partnership with OneFi as it build its presence in
Nigeria.
Goldfarb described OneFi as an “incredible example” of a
company that has found product marker fit in a “massive market”, and that is
working “tirelessly” to provide best-in-class service to those customers.
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