Figures were not disclosed but the equity stake from Finance in Motion is the firm’s first investment in fintech.
Oradian’s Saas platform Instafin is used by banks and financial institutions to provide banking services over cellular networks where other infrastructure is lacking or in poor condition. According to the company, it has amassed a client base of 200,000 in Nigeria over the last two years.
“Oradian is more than a software company – we’re a partner that helps microfinance institutions and banks to build their own capacity for growth, transform their businesses, and meet the needs of the 2.5 billion people worldwide at the base of the economic pyramid,” said Antonio Separovic, Oradian managing director.
“This product has established its ability to promote financial inclusion, one of our primary goals, by allowing microfinance institutions and banks to serve more customers, even in regions many people would be afraid to visit, let alone do business there,” said Florian Meister, managing director of Finance in Motion. “This product also eliminates the high costs associated with traditional hosted solutions, outlays that often create a significant market barrier for many institutions.”