Microfinance fintech Oradian, just raised 112K euros from the UK investor Middleton Enterprises, eu-startups.com reported. Being mostly focused in the underdeveloped countries such as Nigeria, this Croatian and UK based fintech will use the injection to further expand its business reach.
Founded in 2012 in Zagreb, Croatia, Oradian empower the underserved, the unbanked and the most rural clients by providing them with financial inclusion through their intuitive and practical technology solution that can be used even without internet.
“A key selling point of the product, in underdeveloped countries, is that it can be used without internet, and automatically updates through the cloud once connected. They have analyzed a huge problem in the countries that they are operating in and developed a simple but incredibly effective solution to overcome it. With its high margins and incredible retention rates, and the fact that the un-serviced financial market they are a part of is enormous, this project should continue to see success in the future”, says Mike Eliot, Finance Director at the Middleton Enterprises following the investment, the same website reports.
According to the Oradian company data, today their community has more than 50 financial institutions in seven countries with a concentration in the Philippines and Nigeria. Collectively, their partners provide access to financial services for over one million end-clients throughout Southeast Asia, West Africa and East Africa.
Being mostly oriented in Africa and Philippines, besides offices in Croatia and UK, Oradian has offices in Lagos, Nigeria as well. Reportedly in Nigeria only, this fintech has managed to grow its customer base to 24 microfinance institutions with 489.000 end users. With their flagship product, the SaaS (Software as a Service) Platform – Instafin, their goal is to connect 100,000,000 under-served families – impacting over half a billion people globally.
Middleton Enterprises, on the other side, is a UK investment company that invests in fast-growing private companies that use technology to provide an innovative solution in financial services sectors, property and energy. According to the company data, they typically invest between 112.000 – 280.000 euros.
To date, they have made over 30 venture capital investments and a great network of contacts.
Besides this Middleton Enterprises’ investment, reportedly Oradian expects more investments to follow. According to the same article, Middleton’ investment is part of a larger funding round, that will be soon announced by the Oradian team. To date, the Oradian investors included Credo Ventures, Playfair Capital, Day One Capital, and Esther Dyson.