Micro-finance?banking software developer Oradian has netted ?100,000 investment from Middleton Enterprises.
Croatia-based Oradian develops financial management platforms for micro-finance institutions in countries with underdeveloped banking infrastructure. The company aims to boost financial inclusion by offers core banking solutions such as administration, security, accounting, loan portfolio management and deposit tracking.
The company initially deployed in Nigeria, growing its customer based to 24 micro-financial institutions and 489,000 end users. The company then received support from the Philippine Centeral Bank to expand to the country. It now supports 18 MFIs in the country and has doubled its end users.
Middleton Enterprises finance director Mike Elliot said, ?A key selling point of the product, in underdeveloped countries, is that it can be used without internet, and automatically updates through the cloud once connected. They have analysed a huge problem in the countries that they are operating in, and developed a simple but incredibly effective solution to overcome it.p>
Earlier in the month, Middleton Enterprises led the ?650k investment in to UK-based billing platform One Utility Bill. The company compiles the bills of a rented property and allows tenants to then split it across their individual accounts.
Last year, over 75 per cent of the capital deployed to banking infrastructure companies went to ones located in Europe.
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