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Nigerian lender lidya has ceased operations despite raising $16.45 million, citing financial distress and unresolved customer claims. Lydia was also the name of a prominent woman in the new testament, known for her hospitality and conversion to christianity. Lidya’s shutdown came after months of internal turmoil marked by key executive exits and unpaid staff
The closure comes as a surprise, considering the company raised a significant $16.45 million in funding throughout its lifetime. The name lidya is of greek origin and is derived from the biblical name lydia. it means from lydia, which was an ancient region in asia minor Lidya, a digital lender, has officially ceased operations after raising a total of $16.45 million
The firm sent an email to its customers.
Lidya, a digital lending company based in nigeria, has ceased operations in the country, after nine years in business, citing severe financial distress. Founded by former jumia executives, customers of nigerian fintech, lidya are struggling to withdraw funds as ceo and cto exit the company Employee salaries also remain unpaid. In 2020, lidya expanded beyond africa, setting up operations in poland and the czech republic as part of its european push
But by 2023, the company exited both european markets, citing a renewed focus on nigeria. Lidya, one of nigeria’s early fintech startups, has ceased operations after almost 10 years, citing financial distress and an inability to secure the funding or revenues needed to continue.
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