Venture capital arm of Honeywell Group, Itanna has announced it participated in Indicina Technologies’ recently ended seed funding round. The VC firm announced it invested US$150,000 Nigeria’s promising fintech startup.
The fresh capital infusion will boost Indicina Technologies expansion within Nigeria and across other countries within the region. It will also help the startup to further enhance its proprietary technology to make it more robust.
Founded in 2018 by Yvonne Johnson and Yemi Ajao, Indicina identifies as an African-focused digital lending platform that provides analytics-driven credit decision for lenders. According to the startup’s website “It uses statistically sound predictive modelling and machine learning techniques to more efficiently identify and reject potentially “bad” loans during the application and underwriting process.”
“The credit lending industry needs innovative, industry-leading tools to tackle the unique challenges presented to lenders in developing countries,” said Tomi Otudeko, Director of Itanna. “What Indicina and the team have developed over the last two years is hugely impressive, and we’re excited to be working together to create a global market leader. Indicina is a great example of the type of founder-led, capital-efficient business that we like to invest in.”