Aella has raised US$10 million in debt funding from HQ Financial Group, a Singapore based private equity fund that specialises in new material science, semiconductor and blockchain financial investments. Aella is a Nigerian fintech company focused on improving financial inclusion for West Africa’s low-income segment. This funding will bolster the company’s commitment to serve the underbanked population in West Africa and other emerging markets. Aella will also 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.
Aella was established in 2015 by Akin Jones (CEO) and Akanbi Wale (CTO) in Lagos, Nigeria and has remained committed to building trustworthy credit for emerging markets with an initial focus on Nigeria and the Philippines, where the company is licensed to operate. Aella has made a visible impact on the lives of more than 300,000 borrowers across its employer backed and direct to consumer verticals, who now have access to simple financial products.