Carrot, a fintech startup based in Nigeria, has secured US $4.2 million in seed funding to scale its innovative asset-backed lending service across Africa. The round was led by MaC Venture Capital, with participation from Partech Africa and Authentic Ventures.
Launched in 2023 by founder and CEO Boluwatife (Bolu) Aiki‑Raji, Carrot enables users to access credit without liquidating their investments. The platform connects directly to digital investment portfolios—including stocks, ETFs, bonds, and crypto—and allows users to borrow up to: 40% of stable stock value, 70% of fixed-income assets, and 10% against volatile equities.
A lien is placed on the assets via API integration, ensuring investors retain ownership while tapping liquidity. Users can choose repayment options spanning 3, 6, or 12 months, or flexible monthly instalments. Interest rates are positioned below typical market benchmarks.
To date, Carrot has: disbursed over US $2 million in loans and served more than 10,000 users across Nigeria.
The fresh capital will be allocated toward Team growth, Technology enhancements, including AI-backed credit scoring, risk assessment, and fraud detection systems as well as Geographic expansion, deepening integrations with digital brokerages, fintech platforms, and wealth managers across Africa.
Bolu Aiki‑Raji, CEO of Carrot, said:
“People in Nigeria and across Africa are already investing in digital assets—but there’s no ecosystem to help them unlock liquidity when it matters. Carrot is building that bridge.”.
Marlon Nichols, Co-founder & Partner at MaC Venture Capital, commented:
“What excites me about this investment is how Carrot is leveraging digital assets to create a seamless, low‑barrier credit solution in markets where credit has traditionally been out of reach.”
Carrot addresses a critical gap in Africa’s fintech landscape: asset owners often lack formal credit access without liquidating investments. By transforming digital portfolios into collateral, Carrot sidesteps limitations of traditional credit systems that rely on income documentation or credit history. Its embedded B2B2C model, integrating with brokerages and fintechs, amplifies reach and adoption.
With its US $4.2 million seed round, Carrot is poised to scale its asset-backed lending platform across Africa, equipping investors with flexible credit backed by their own portfolios rather than credit scores. The startup’s expansion roadmap, technology-driven model, and strong backing from top-tier investors position it to lead a new wave of fintech innovation across the continent.
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