QuickCheck is a micro-lending startup that was launched last year in July. The startup is using machine learning to find the credit scores of borrowers in a bid to promote the access of credit to more people across Nigeria.
The startup has since developed a fully automated platform that can disburse loans within just a few seconds. This process of disbursing loans is based on algorithmic correlation.
How does the process work? Users will input their details into the platform, then the platform will estimate the probability of default for the users.
Bola Martins-Kuye, the co-founder and CEO of QuickCheck states that he has a strong number of 10,000 users who always pay in a timely fashion. Over 60% of those users tend to be returning customers.
The team of Seedstars World has backed QuickCheck. Over the past 11 months, the team has invested $311,000 USD in debt and $100,000 USD in equity for the company. They invested these amounts to help the company with developing its algorithms.
Since its inception, QuickCheck has gained over 40,000 users with over 93,000 applications. The major competitors of the startup include microfinance banks.
Currently. The startup is only operating in its home country of Nigeria. Despite this, the company plans to expand into other prominent markets along the coast of Africa such as Ivory Coast and Egypt.
One of the finer points that Martins-Kuye and team believe in is that everyo ne deserves equal access to financial support that should serve a great purpose and be cost-efficient.