African credit agency startup Indicina has raised $3m in a seed funding round led by Target Global with participation from Greycroft and RV Ventures.

Lagos, Nigeria-based Indicina offers machine learning-driven financial analytics to banks, non-bank lenders and tech start-ups.

The startup will use the proceeds from the seed round to accelerate its expansion into new African markets. 

The funds will also help Indicina reinforce its existing offerings, build new products for consumer credit recommendation and strengthen its infrastructure. 

“This new investment round will power all the workings of our next phase, and we are excited to partner with an excellent group of investors,” Indicina added.

Only 11% of the population in Africa have their credit information recorded by private credit bureaus vs 16% in East Asia and 47% in Latin America, Indicina said citing a World Bank report. 

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Indicina stated that clients leverage its data and analytics capabilities for more ‘efficient’ customer acquisition and risk assessment.

Target Global Partner Ricardo Schäefer said: “We are firm believers that access to credit is a core facet of financial inclusion and are excited to back Indicina, whose goal is to ensure that eligibility for loans will no longer be determined by incomplete creditworthiness assessments.”

Greycroft partner Will Szczerbiak said: “Limited access to credit in Africa is a data problem, not a creditworthiness problem. We are unlocking opportunities by eliminating the complexity associated with accessing the data necessary to make underwriting decisions. 

“We are excited about Indicina’s ability to expand the breadth of financial services available to consumers and businesses across Africa.”