Lidya, a Nigerian FinTech startup has successfully raised the sum of $1.25 million dollars in seed funding. Accion Venture Lab led the funding round while Newid Capital and several angel investors also participated.
According to the press release, Lidya currently operates in Nigeria where 20,000 businesses have registered for the service. Lidya’s new round of funding will enable the company to accelerate product development and further develop its team.
Lidya has financed businesses in agriculture, consumer goods, services, and creative industries, among others, and is targeting ₦1.5 billion in loan origination to SMEs in Nigeria in its first year of operations.