We are super excited to present a special blog post in the Lendermarket start blog series! This time we talk with Ebenezer, a representative of a new Loan Originator in the Lendermarket platform – QuickCheck! Let’s jump straight to the interview and learn more about the new loan originator and what value it brings to Lendermarket investors.
Hello Ebenezer, and welcome to the Lendermarket Stars series. Can you tell us a bit about yourself and what you do at QuickCheck?
Hello. Thank you for having me. My name is Ebenezer Ekiko. I am a Treasury Specialist and an ex-Investment Banker. I currently head the Treasury division of QuickCheck where I manage the funding activities of the business.
Apart from you, who else is leading the business?
I am part of the Senior Management team alongside other key members that manage other aspects of the business. QuickCheck was founded by Benjamin Benaim and Luis Rodrigues and they are Directors in the Company, while the CEO is Fabiano Di Tomaso.
What was the idea behind funding QuickCheck and how are you making a difference in Nigeria?
QuickCheck was founded to bridge the financing gap created by traditional financing institutions due to their request for collateral from prospective borrowers and other stringent requirements during the credit application process. QuickCheck is able to bridge this gap by providing financing through a seamless technology-driven, credit-led, and highly scalable business model that offers productive financing to the financially excluded in the country.
What type of investments do you offer at Lendermaket? All loans are covered by a Buyback guarantee, what effect does it have on investors’ risk?
We offer short-term micro-loans to investors through the Lendermarket platform at competitive rates. In order to provide comfort to investors and minimize exposure to the borrower’s credit risk, all loans offered through Lendermarket are covered by the buyback guarantee. This ensures that investors are guaranteed that they get the full value of their investment & returns at maturity.
What are your thoughts on funding your business through a marketplace? What are the benefits of listing your loans on Lendermarket?
The marketplace is highly strategic and instrumental in providing additional liquidity to expand our business. It also provides the requisite visibility to potential lenders and equity investors, orienting them on the amount of traction the business has built and how much trust the business has garnered from Investors over time.
QuickCheck uses a proprietary algorithm that uses big data and machine learning to score clients automatically. How does it value borrowers and what value does it bring to investors? Does it imply that borrowers are more trustworthy?
QuickCheck deploys an effective risk management framework that leverages data science, fraud elimination and business intelligence systems to ensure minimal Non-Performing Loans (NPL) which has been at industry-lows
Using behavioural data, AI and machine learning, we are able to build data-led risk profiles of prospective users/borrowers and consolidate our unique credit scoring model to ensure loan repayment. This ensures that the business remains highly profitable and liquid to guarantee the safety and repayment of investors’ funds. It also builds credibility for borrowers through a synchronized credit history.
What are Quickcheck’s plans for the upcoming future?
With the recently concluded oversubscribed Series A funding round, QuickCheck is adequately poised to grow its debt funding in order to grow the loan book. The business, therefore, seeks to steadily grow debt funding while also preparing for a Series B fundraising round.
Hope you enjoyed reading Lendermarket Stars series with Ebenezer from Quickcheck.
By the way, feel free to leave a question for our interviewee!
Do you want to start investing in QuickCheck loans by yourself? Check investing opportunities in Lendermarket.