Aladdin

Aladdin

Digital banking platform for Nigerians that has 80,000+ MAUs

Print
Claim My Business
Security Type
Convertible Note
Min Investment
$100
Location
Wilmington, DE
Expected Close Date
April 30, 2023
Target Raise
$150.00K-$1.00M
No. Investors
74
Security Price
$1
Website
aladdin.ng
Number of Employees
25
Cash
$15,508
Revenue
$143,071
Short Term Debt
$122,453
Cost of Goods
$20,963
Long Term Debt
$0
Net Income
$16,854

Company Description

You’ve likely used a form of digital payment recently, whether that included purchasing something online or using touchless payment at a brick-and-mortar store. The prevalence of online payments and, more broadly, managing your money online, is extremely common today across the globe.i However, Africa is a lagging region where “cash is still king,” according to McKinsey. This has resulted in an influx of innovative solutions aiming to digitize how Africans spend, save, and generally manage their money. In Nigeria, specifically, mobile-money transaction volumes doubled in 2020. Looking ahead, this shift to e-payments through Africa is expected to accelerate.iiAladdin is a digital banking ecosystem for Nigerian entrepreneurs, individuals, and small business owners. The company’s financial products and services, which include savings accounts, e-payment services, lending services, and a marketplace for individuals to buy and sell goods, are the company’s foundation for their goal of building a full-service platform for money management.In July 2022, the company reported over 80,000 MAUs on its platform. The company primarily generates revenue from interest income on the loans it issues, which have reached a cumulative total volume of ~$14 million from inception to July 2022. From its reputable traction, 2022 (through September) has marked a record year for the company, as it brought in over $38,000 of net profits on $280,000 of revenue.Led by experienced FinTech and banking professional Darlington Onyeagoro, Aladdin recently received a $100,000 investment from international accelerator Expert Dojo. The company also completed its first crowdfunding campaign, which brought in over $173,000. Aladdin is seeking additional capital to continue to build out its platform in Nigeria and expand into other African countries, including Benin and Ghana.

Key Deal Facts

Reported over 80,000 monthly active users (“MAUs”) in July 2022, Helped facilitate the disbursement of over $5 million of loans since inception, Reported over $280,000 of revenue in 2022 (through Q3), which has already outpaced its revenues from 2021 and makes 2022 a record year for the company, Strategic partnerships in place with micro-finance institution Purple Money Microfinance
Amount Raised : $26,081
Reveal the Score by Voting
_
Not enough ratings to determine a viable CrowdScore for this deal.
The "CrowdScore" for this deal is determined by user ratings and other factors using our proprietary algorithm.
The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
Business Idea
The progress made thus far in demonstrating that the business has viability, a customer base or other business traction.
Business Traction
The experience of the management team in running, scaling and/or exiting a business that required similar skills to execute the business plan.
Management Team
The value of the company compared to similar companies raising money from investors.
Valuation

Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

Research Reports

No reports have been submitted

Become a Reporter

0 Comments