Nigerian fintech startup, Aella raises $10 million debt financing round

Nigerian fintech startup, Aella raises $10 million debt financing round

Nigerian fintech start-up, Aella has raised a $10 million debt financing round, from Singapore-based HQ Financial Group (HQF) to help the company scale its expansion across Africa.

Earlier, Aella raised $2 million in seed funding from San Francisco-based startup programme, Y Combinator, and seed investors including Micheal Seibel of Y Combinator, Brian Armstrong of Coinbase, Bill Paladino (former head of Naspers eCommerce), Tae Oh, Shawntae Spencer (former San Francisco 49ers Cornerback), VY Capital, 500 Startups, Gluwa, and others.

Aella will also use the funds to invest in new products including a blockchain-based lending market called Creditcoin, to build borrower creditworthiness and aid in the acquisition of one million additional users by the end of 2020, making it the largest blockchain-backed financial services project that is currently operational.

In this Techloy timeline infographic, we look at Aella’s funding history from November 2016 to date.