CreditChek announced that it has raised $240,000 in a pre-seed funding round led by Atom Capital with participation from Aidi Ventures, Ham Serunjogi of Chippercash, Olumide Ogunsanwo of Adamantium Fund, Damola Adegboyega of Assembly Investors, Isaac Ewaleifoh of Launch Africa Ventures and Ogundiran Kayode.
Founded by Kingsley Ibe and Lionel Orishane in 2022, CreditChek uses structured, user-permissioned data from multiple sources to create powerful Identity, credit and verification services that empower fintechs, banks, microfinance institutions, retail businesses and mobile money operators to build better financial products for the underserved.
CreditChek launched its MVP in April 2022. While in Beta, it onboarded 30 businesses, processed thousands of API calls, and eventually came out of Beta in June 2022.
CreditChek has launched three products to assist financial institutions in Identity verification and Credit assessment of their customers. They are easy and simple to use such that digital lenders can easily integrate the products into their applications or websites and offers a no-code platform for traditional less savvy businesses to use
The products are listed below:
- Income Insight — This feature uses bank-verified historical transactional data to assess the user’s financial status, get key insights on cash flow & ascertain income to determine appropriate financing.
- Credit Insight — This feature leverages historical credit data from multiple sources to give key insights into the borrower’s credit and debt status.
- Identity — This feature enables businesses to unearth the true identity of their customers by leveraging BVN, NIN and other real-time sources.
According to Kingsley Ibe, the company’s vision is to be the most reliable credit infrastructure in Africa in the next 5 years, fostering trust between lenders and borrowers.
