Hadada, an Open Finance Fintech Startup, today announced that it raised an undisclosed amount in pre-seed funding and is launching its first commercial product which will provide fintech and lenders with access to their core real-time Identity check and Financial data aggregation and analysis API products.
Cf2, a New York and Belgium based venture studio led the pre-seed round alongside Bernardo Arnaud, a serial entrepreneur who is Hadada’s first angel investor.
Hadada’s vision is to build the Infrastructure for traditional financial and alternative data across Africa. Today, data is still fragmented across many parts of the financial ecosystem, with lots of businesses and individuals still heavily relying on cash. As a consequence, this creates a barrier for both individuals and SMEs to have a credible, inclusive and accurate digital credit footprint.
“Credit businesses looking to offer customised digital lending products in Sub-Saharan Africa need both quantitive and qualitative financial data from their customers, which is still very scattered and siloed for them to manage risks effectively.” – Frederic, CEO of Hadada said.
Hadada’s goal is to bridge that gap by offering infrastructure that powers Open Finance and Banking starting with the Nigerian market and eventually across Africa which can be easily leveraged by both big tech and startups with minimal technical effort or complexities as is the case today.
Hadada’s solution differs from that of incumbents in that it is acting as a Platform for a single touchpoint to access both enriched traditional financial and alternative data that helps with decision making and effective risk management.
Hadada’s services are available via a Simple and Unified API, with access to robust capabilities around Machine Learning and Intelligent data processing which allows businesses to access it in real-time across their multiple use cases, thus helping them make better and accurate data-driven decisions
The pre-seed round will help the company expand our product portfolio and data access points across multiple verticals in Nigeria as well as hire the core engineering and sales team.