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In a seed round led by MaC Venture Capital, with participation from Partech Africa and Authentic Ventures, Nigeria’s Carrot Credit has raised $4.2 million to deepen integrations with digital brokerages and scale its collateralised lending platform across Africa.

Launched in late 2023 by Bolu Aiki-Raji, Carrot lets retail investors borrow against stocks, ETFs, bonds or crypto without liquidating their portfolios or enduring traditional credit checks.

Through API hookups, the startup verifies asset positions and then places a lien, offering up to 40 percent of a stable stock portfolio, 70 percent of fixed-income assets, and a cautious 10 percent against volatile equities.

This model addresses a longstanding pain point in Africa’s under-banked markets: investors who accumulate digital wealth but lack access to credit.

Carrot’s flexible repayment terms, ranging from fixed six- to twelve-month tenors or customisable monthly schedules, alongside below-market interest rates, have resonated with over 10,000 users and powered more than $2 million in loans within its first two years.

Its B2B2C strategy embeds lending into fintechs, brokerages, and wealth managers.