Nigerian fintech startup Trade Lenda, which helps micro, small and informal retailers with access to financing for their business needs, has raised US$520,000 in pre-seed funding to speed its growth.

Lagos-based fintech startup, Trade Lenda, has raised $520,000 in a Pre-Series A funding round led by Africa-focused investors including Sovereign Capital, ARM Labs, and Expert Dojo, with participation of other angel investors across Nigeria.

The startup was founded in 2021 to help small businesses get access to quick and affordable credit facilities with no upfront collateral within six hours. Trade Lenda is also a data-driven platform that evaluates the character and capacity of customers to bridge access to quick and efficient finance gaps for small retailers and suppliers.

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According to the startup, it has provided services to over 1,500 businesses with over US$2 million in disbursements, and an average disbursement time of less than six hours. It grew 5x between 2021 and 2022, and now plans to grow revenues 10x in 2023 after securing a US$520,000 pre-seed funding round.

“My mum was a retailer and growing up I had first-hand experience on how small businesses can be instrumental to shaping the future which I am part of today. This is one of the things that drives us, knowing fully well that we can support today with our collective experience of millions of women like my mom who would go on to support their families at home,” said Adeshina Adewumi, CEO of Trade Lenda.