Digital financial services company Lidya has raised one of Nigeria’s largest Series A rounds to date from a group of investors led by Omidyar Network. In addition to the Silicon Valley impact investment firm, Alitheia Capital, Bamboo Capital Partners, Tekton Ventures, Accion Venture Lab and Newid Capital are investing a total of $6.9 million in the company. As part of the deal, Ameya Upadhyay, an investment principal at Omidyar Network, takes a seat on Lidya’s board. Additional terms of the deal were not disclosed.
The funds will be used to help Lidya to grow its loan book and scale its business further in Nigeria as well as enter new markets on the continent. In addition, the capital will allow the company to hire more skilled professionals, particularly data scientists and engineers.
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