Paylater Secures $5m From Lendable

• Paylater Secures $5m From Lendable

Paylater, One of the fastest growing fintech companies in Nigeria, just secured US$5 million debt facility from Lendable, a Nairobi-based debt platform.

Paylater, owned by OneFi, is Nigeria’s leading digital financial services platform that specializes in consumer lending.

In a statement released on Friday, OneFi stated that the investment will be used to meet loan applications from customers applying on its mobile platform, Paylater. The platform also recharges airtime, pay bills and perform money transfer operations.

The fintech company has now raised a total of US$10.8 million in three funding rounds, according to Crunchbase estimations.

The company was founded by CEO Chijioke Dozie and director Ngozi Dozie in 2012.

According to Chijioke Dozie, the investment is the firm’s first internationally-backed commercial debt transaction and marks an important stage in the firm’s growth 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.

Paylater has approved 750,000 loans worth over $60 million since inception and approves over 1500 loans per day at an average of US$80 per loan.