Sycamore, a Nigerian digital lending startup, has successfully completed a $1.5 million debt financing round, just one week after securing a ₦1.5 billion (approx. $943K) loan from Cascador, a local venture accelerator focused on empowering entrepreneurs.
The company raised ₦1 billion (approx. $628K) in this round, bringing the total debt raised to $1.5 million.
Founded six years ago, Sycamore will use the capital to expand its loan portfolio, driven by rising demand for credit from individuals and small businesses.
Headquartered in Lagos, Sycamore has already disbursed over $5.5 million in loans in 2024, generating more than $3.5 million in revenue, including $1.5 million this year alone — reflecting a 115.19% year-on-year growth.
