Evolve Credit said to receive an investment from Microtraction

Nigeria-based loan marketplace Evolve Credit has reportedly received an investment from Microtraction, an early-stage investor focused on African startups.

The deal will see Evolve Credit receive $25,000 in exchange for a 7% stake in the business, according to a report from Innovation Village.

Through Evolve Credit, users can access personal or SME loans from a range of loan providers in the country. Users can compare the offerings, which have been personalised, to find the best fit for their needs.

The FinTech is integrating with licensed microfinance banks, finance houses and moneylenders across the country, it said.

Earlier in the year, fellow Nigeria-based startup FinTech Wallets Africa closed an investment to support its growth across the continent.

Africa has a growing FinTech scene and mobile payment services is helping to reach the huge unbanked population.

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