African digital lending startup Carrot raises $4.2 million in seed funding led by MaC Venture Capital

Mars Finance News, according to Crowdfund Insider, African digital lending startup Carrot has announced the completion of a $4.2 million seed round, led by MaC Venture Capital, with participation from Partech Africa and Authentic Ventures. Carrot allows users to obtain credit by using stocks, fixed-income products, cryptocurrencies, and other alternative investment products as collateral. The platform aims to address the limited traditional credit scoring infrastructure in the African market, providing reliable and affordable credit channels for individuals and small businesses. Since its launch, Carrot has issued over $2 million in credit and served more than 10,000 users. This funding round will be used to expand the team, extend business operations, and accelerate product development, including investments in artificial intelligence to enhance its credit scoring, risk management, and fraud prevention systems. Carrot's founder and CEO Bolu Aiki-Raji stated that the company plans to expand its services to other African countries by the end of 2025.