Nigerian fintech startup One Finance (OneFi) has secured a $5 million debt funding from globally-renowned funding providers Lendables to fund its own lending platform – Paylater.
This deal is expected to not only solidify OneFi’s presence within the Nigerian market which currently stands at 120k, but also expand to other climes.
“Securing this investment from Lendable represents the first internationally-backed commercial debt transaction for us, marking an important stage of our company’s development as we look to serve the “next billion”,” said OneFi chief executive officer (CEO) Chijioke Dozie.
“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.”
OneFi, through its Paylater platform, has deployed over US$60 million across 750,000 loans, approving over 1,500 loans a day with an average size of US$80.
The $5 million loan deal is a first for Lendables within the Nigerian market.