Lendsqr is way more than a loan management platform. At the core of our services is a story. One woven with threads of innovation and, some might say intrigue.
Buckle up as we explore some quirky and lesser-known facts about Lendsqr, where every detail is as fascinating as the next. Let’s dive in!
We didn’t start as Lendsqr
Like any other business owner starting a new venture, we grappled with the age-old question: what name encompasses our brand offerings? Initially, we flirted with the idea of going with Lendstack, and we did, but after some soul-searching and thorough rebranding (and maybe a few debates), we had a change of heart. After over 50 iterations, Lendsqr was born — a name that felt just right, like slipping into your favorite pair of jeans after a long day.
Who was the first brave soul to use the Lendsqr mobile app lending technology? *ding ding* BlinkCash, powered by Baines MFB, is our pioneering mobile app customer. Their choices influenced many of the features we have now.
Lendsqr is on a mission to bridge the credit gap in Africa and beyond, ensuring that urgent financial needs are met promptly and efficiently. Unsurprisingly, our lenders’ most popular loan product — the N10,000 one-month loan — reflects this commitment. This fact speaks volumes about the pressing nature of the financial challenges many individuals face and the vital role we play in providing credit access.
Moving beyond the shores of Africa
Our journey beyond borders began in Rwanda, where we welcomed our first international customer. But hold onto your hats because our global adventure didn’t stop there — our next international customer was Canada. What a trip!
We’re not even remotely on site
Once upon a time, we, too, had an office like any tech startup. But then COVID came along and flipped the script for everyone — including us. Now, we operate fully remotely, and our employees love it, and so do we. Happy employees. Happy clients.
Lendsqr understands the importance of clear communication, especially involving money and its movement from point A to point B. That’s why our loan management platform empowers lenders with integrated email delivery capabilities. This ensures efficient communication with borrowers, keeping everyone on the same page. Interestingly, Gmail remains the most common email domain at 92%. Here’s how we built our internal email delivery system.
The big guys are powered by Lendsqr too
Did you know that banks and Microfinance Banks (MFBs) looking to automate their lending process or provide hassle-free loans often turn to Lendsqr’s loan management platform? Take, for instance, the SnapCash loan app powered by Sterling Bank. And here’s a fun fact: while GTBank and Access Bank are the top choices for borrowers, can you guess which bank clinches the third spot?
The ethos of true financial inclusivity
In line with our mission of financial inclusion, Lendsqr offers practical solutions to ensure fair access to credit. Like Opay’s success in reaching marginalised groups, Lendsqr provides features like offline loan capabilities and manual loan booking. This ensures that everyone, regardless of access to technology, has a fair chance of obtaining credit. It’s clear that in today’s landscape, both Opay and Lendsqr are paving the way for inclusive financial services, with Opay ranking 7th among popular banks and Lendsqr championing equitable lending access.
In 2022, we raised $1m pre-seed to launch our business. But here’s a juicy tidbit: One of our investors is a prominent figure in the commercial banking scene. While we’d love to spill the beans, we’re keeping mum on the specifics for now.😉
That’s the scoop on who we are
Now that we’ve given you the lowdown on Lendsqr. We hope it’s piqued your interest and given you a better understanding of who we are and what we do.
Still curious? Don’t be a stranger. Send us a message at growth@lendsqr.com, and let’s get you started with lending.
This article explains how cards are stored and charged, which providers power each transaction, how repayments flow into the borrower’s wallet, what happens when payments fail or get stuck, and the safeguards that ensure the entire process is accurate and traceable.
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