Nigerian lending marketplace Evolve Credit has launched Configure, its new cloud lending software that it says will power thousands of new loan providers over the next five years.
The Evolve Credit marketplace brings lenders and borrowers together in one place, and makes comparison easier.
The startup raised pre-seed funding just over a year ago, and has now rolled out Configure, an affordable bank-level core lending platform that enables lenders to build, launch, and manage any type of loan product end-to-end across multiple distribution channels.
Configure aims to make it easier and faster for microfinance players, upstart lenders, and non-bank providers to deploy credit products in days rather than months, while existing lenders are also able to digitise their processes. Built to be flexible and configurable, the cloud-based lending platform is able to support lending end-to-end — frontend web forms, backend dashboards, and third-party integrations.
The platform is already live with lenders in Nigeria and Zimbabwe, who have originated and disbursed over US$500,000 in loans since the private beta launch in August.
“We want to power thousands of new loan providers over the next five years,” said Akan Nelson, founder and chief executive officer (CEO) of Evolve Credit. “We want to make billions of dollars in credit available to millions of people and SMEs.”