CARMA raises equity funding from Microtraction

CARMA, a Nigerian based startup that provides credit assessment data to financial institutions has raised equity funding from Microtraction in order to expand its operations into Sub-Saharan Africa. The company was established by Ted Martynov, has a well-placed management team and in addition to the credit assessment data also provides data supply chains for organisations so they are able to make data driven decisions. Only an estimated 23% of adults have records with credit bureaus in Africa and South East Asia. CARMA intends to tap into this data space to further grow the Africa lending infrastructure.

Microtraction was founded by managing partner Yele Bademosi who has been involved in early startup investment deals that have great growth potential in the sector they operate in. Microtraction typically invests $65,000 in two stages. The company has invested in high growth tech start-ups such as CowryWise Nigeria, Wallet Nigeria and Sendbox. The CARMA platform is located online under the name www.carmachain.com

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