Online lending platform for emerging markets Moneybaba has closed a ?major investmentfrom EMEA Capital and Duet Group.
The company plans to use this funding to support the launch of its services into new countries, with a particular focus on Africa. It will also use the capital to bolster its balance sheet.
London-based Moneybaba aims to help suppling loans to those which have limited financial and credit histories. The company works digitally and uses algorithms to assess applications and make lending decisions based on borrower behaviour analysis.
The company services which are available in a number of countries in Latin America, also have products available in various physical locations as a result of several agreements with certain vendors.
Moneybaba has lent a total of $3m, with the average loan size being $1,500.
EMEA Capital CEO Osman Semerci said, “The efforts of fintech companies like Moneybaba are crucial to helping people in emerging markets achieve financial freedom through the use of technology.” Semerci added that, “EMEA Capital is excited to see how Moneybaba will simplify finance and make credit more accessible to people who need it most.”
Copyright ? 2019 FinTech Global
