The African digital lending platform Carrot has completed a $4.2 million seed round financing.

According to Gate News bot, Crowdfund Insider reported that the African digital lending platform Carrot has completed a $4.2 million seed round financing, led by MaC Venture Capital, with participation from Partech Africa and Authentic Ventures.

Carrot provides innovative lending services, allowing users to use various assets such as stocks, fixed income products, and cryptocurrencies as collateral to obtain credit. The platform is committed to addressing the shortcomings of the traditional credit scoring system in the African market, offering reliable financing channels for individuals and small businesses.

Since the launch of the platform, it has issued more than 2 million USD in loans and served over 10,000 users. This round of funding will be used for team expansion, business development, and product development, with a focus on investing in artificial intelligence technology to enhance credit scoring, risk management, and fraud prevention capabilities.

Carrot founder and CEO Bolu Aiki-Raji stated that the company plans to expand its operations to other African countries by the end of 2025.

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