Nigerian fintech, Lidya secures $8.3 million in a pre-Series B round

Nigerian lending startup, Lidya says it has secured $8.3 million in a pre-Series B funding round led by Alitheia Capital via its uMunthu Fund, bringing its total funds raised to $16.5 million to date.

The fintech company, which launched in two European cities last year, says the latest funding will be used to grow its lending operations for small and medium businesses across its markets. It will also be used to grow out its teams in Lagos, Prague, and Warsaw and to support lines of credit.

Other participating investors include Bamboo Capital Partners, Accion Venture Lab, and Flourish Ventures.