The equity funding will come from a mixture of local and foreign investors, and may be concluded in the next week, Johnson says from Lagos. The money will be used to fund product development.
Johnson, a former head of corporate strategy at First Bank of Nigeria, co-founded Indicina with Yemi Ajao in 2018.
The company’s cloud-based software connects with national identification databases to carry out regulatory checks on potential borrowers and draws on demographic data to assess credit risk. Its platform can also carry out disbursements and collections.