PANews reported on May 24 that according to Crowdfundinsider, African digital lending platform Carrot has completed a $4.2 million seed round of financing, led by MaC Venture Capital, with participation from Partech Africa and Authentic Ventures. The funds will be used for team expansion, business expansion and AI risk control system development.

The platform allows users to obtain credit by using digital financial assets such as stocks and crypto assets as collateral. It has issued more than $2 million in loans and served more than 10,000 users. Founder Bolu Aiki-Raji said that Carrot solves the problem of insufficient traditional credit infrastructure in Africa through a non-cash collateral model.