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                      Lendsqr Launches ₦1B Credit Line to Boost Lending Businesses

                      Adeoluwa Onaolapo by Adeoluwa Onaolapo
                      11 months ago
                      in News, Tech
                      Lendsqr

                      Lendsqr, a fintech startup that provides software for lending businesses, is expanding its offerings by introducing a ₦1 billion line of credit for its clients. Founded in 2018, Lendsqr counts companies like Kredi, Snapcash, and Blockacash among its clients. This new initiative will help these businesses extend more loans and scale faster.

                      The company plans to charge qualified lenders 4% interest per month, but will only collect interest on the amount disbursed to borrowers. According to CEO Adedeji Olowe, “If they get repayments from their borrowers and their account swings into positive, they don’t even pay any interest at all.” He also mentioned that Lendsqr will closely monitor how loans are used to minimize risks.

                      Lendsqr’s move to offer a line of credit addresses a critical need for digital lenders, who often struggle with the high cost of funds and default risks. These factors usually result in higher interest rates for borrowers. By offering more affordable capital, Lendsqr aims to ease this burden on lenders and their customers.

                      “For a long time, we believed that providing top-tier lending technology was enough to help lenders scale,” Olowe said. “But technology alone cannot scale a loan business without adequate capital. That’s why we decided to go a step further and solve this critical need.”

                      With this new offering, Lendsqr joins other on-lending institutions, such as Lendable, the Nigerian Bank of Industry, and the African Finance Corporation. Head of Sales Joy Bello added, “Our on-lending initiative isn’t just about providing capital. It’s about enabling a stronger and more inclusive financial ecosystem.”

                      Lendsqr operates on a subscription model, with packages ranging from ₦20,000 to ₦1 million per month for Nigerian businesses. For non-Nigerian businesses, the subscription costs $1,000 per month. The company plans to expand this offering to other countries where it operates.

                      Olowe also hinted at future growth, stating, “By next year, we should see other lenders provide 20x capital to more lenders.”

                      Adeoluwa Onaolapo
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                      • Adeoluwa Onaolapo
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                      • Adeoluwa Onaolapo
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