Lendermarket platform adds Nigerian loan originator

Dublin-based peer-to-peer lending marketplace Lendermarket has added Nigerian fintech QuickCheck as its latest loan originator.

The addition of QuickCheck means that Lendermarket users can now fund loans from Africa for the first time. It is the third loan originator to be added to the Lendermarket platform.

QuickCheck provides 24/7 loans to Nigerian micro-businesses and consumers via a mobile app.

Read more: Lendermarket investor interest payments near €6m

It currently offers loans with a maturity of between 30 and 360 days and an average value of between NGN30,000 and NGN1,000,000 (£61.63 and £2,054).

The technology is a proprietary algorithm that uses big data and machine learning to score clients automatically.

“By using a large amount of data to assess applications, QuickCheck is able to automatically determine the degree of probability that the applicant will repay the loan,” a Lendermarket spokesperson said.

Read more: Lendermarket reports drop in lending in September

“The performance of QuickCheck’s loan book has been proven over several years. Non performing loans has remained at a very low level and its AI-based underwriting model ensures that the capital recovery rate remains high.”

Since it was founded in 2017, QuickCheck has issued loans worth more than £45m, and has approved 1.7m loans out of 5.1m applications.

Lendermarket will initially offer QuickCheck loans with target returns of up to 15 per cent, per annum. All listed loans will be covered with a 60-day buyback guarantee.

Read more: The 2022 Peer2Peer Finance News Power 50