Indicina Company Profile

Background

Indicina, founded in 2018 and headquartered in Lagos, Nigeria, is a fintech company dedicated to building Africa's financial services infrastructure. The company leverages artificial intelligence (AI) and machine learning to provide innovative credit scoring models, API-driven financial analytics, and risk management solutions. Indicina's mission is to accelerate economic inclusion for African citizens by empowering lenders and businesses to make more informed decisions, thereby expanding access to credit and fostering financial inclusion across the continent.

Key Strategic Focus

Indicina's strategic focus centers on:

• Credit Infrastructure Development: Building robust credit rails and financial analytics tools to support digital lending.

• AI-Driven Analytics: Utilizing machine learning for real-time credit scoring and bank statement analysis.

• Market Expansion: Extending services beyond Nigeria and Kenya to other African markets.

• Product Diversification: Developing consumer-facing products to provide users with insights into their creditworthiness.

Financials and Funding

Indicina has secured multiple funding rounds to support its growth:

• Seed Round (June 2022): Raised $3 million led by Target Global, with participation from Greycroft and RV Ventures.

• Previous Funding: Raised $100,000 in 2019 and a larger six-figure round in 2020 from investors including Acuity, Kepple, Itanna, and Future Africa.

The capital is intended for product development, enhancing machine learning capabilities, and expanding into new African markets.

Technological Platform and Innovation

Indicina's technological innovations include:

• Originate: A cloud-based lending automation platform that digitizes the entire loan origination process, from application to disbursement and collections.

• AI and Machine Learning: Proprietary algorithms for real-time credit scoring and financial analytics, enabling lenders to assess creditworthiness efficiently.

Leadership Team

• Yvonne Johnson: Co-Founder and CEO. Former executive at First Bank of Nigeria with experience in investment banking at Merrill Lynch.

• Jacob Ayokunle: Co-Founder and CTO.

• Carlos del Carpio: Co-Founder and Chief Data Scientist.

• Yemi Ajao: Co-Founder and CFO.

Competitor Profile

Market Insights and Dynamics

Africa's credit infrastructure has significant gaps, with only 11% of the population having credit information recorded by private credit bureaus. This presents a substantial opportunity for fintech companies to innovate and provide solutions that enhance credit access and financial inclusion.

Competitor Analysis

Key competitors include:

• Mono: Provides financial data APIs for businesses to access customer financial information.

• Stitch: Offers API infrastructure for businesses to connect to users' financial accounts.

• Interswitch: A digital payments and commerce company facilitating electronic transactions.

• Fairmoney Microfinance Bank: A digital bank offering loans and other financial services.

Strategic Collaborations and Partnerships

Indicina collaborates with credit bureaus and open finance platforms to enhance its service offerings. Notable clients include Polaris Bank, LipaLater, VFD, Zilla, and CreditDirect.

Operational Insights

Indicina's competitive advantages include:

• Data-Driven Decision Making: Utilizing AI and machine learning for accurate credit assessments.

• Comprehensive Solutions: Offering end-to-end digital lending processes through platforms like Originate.

• Scalability: Enabling lenders to process large volumes of loans efficiently without increasing default rates.

Strategic Opportunities and Future Directions

Indicina aims to:

• Expand Geographically: Enter additional African markets beyond Nigeria and Kenya.

• Enhance Product Offerings: Develop consumer-facing products to provide individuals with insights into their creditworthiness.

• Strengthen Technological Capabilities: Invest in machine learning and data science to improve product quality and analytics accuracy.

Contact Information

• Website: Indicina

• LinkedIn: Indicina LinkedIn

• Twitter: @IndicinaHQ

Note: Indicina does not publicly disclose its physical address, phone number, or email address.