Evolve Credit, founded in 2019, has launched a cloud-based lending software called Configure. It claims that Configure will enable thousands of new loan givers to activate their services for the next five years.
Evolve Credit is a lending marketplace that provides its users access to an “extensive” database of loans, and other financial tools. It connects lenders and borrowers to each other in a singular place. And allows borrowers to compare what loans pay faster, what loans are easier to refund with the cheapest rates.
Configure is a financial credit solution that gives lenders the platform to create, launch and oversee all kinds of loan products or services. It enables end-to-end loan management across several distribution channels.
Configure, the cloud-based software allows for easy and fast deployment of credit products from new microfinance players and independent lenders; promising to take days instead of months to achieve this. It also enables traditional lenders to digitize their services.
Speaking on the Configure roll-out; Akan Nelson, the founder, and CEO of Evolve Credit expressed, “We want to power thousands of new loan providers over the next five years. We want to make billions of dollars in credit available to millions of people and SMEs.”
Lenders in Nigeria and Zimbabwe have begun using the platform with a record of $500,000 disbursement in loans since August when the beta version launched.
Evolve Credit as a fintech startup raised pre-seed funding in October 2020, the amount was undisclosed but included investors: Ingressive Capital, Future Africa, Samurai Incubate, Microtraction, as well as two Angel Investors.