Nigerian fintech Salad Africa has partnered with Glovo Nigeria, which will see it provide financing for small and medium businesses on Glovo.
The Techstars-backed startup will provide loans ranging from ₦50,000 to ₦100 million to merchants who have been active for a minimum of three months on the Glovo platform. Eligibility and credit decisions will be powered by sales data on the Glovo app.
Kolawole Adeniyi, Head of Commercial at Glovo Nigeria, noted that the partnership presented an opportunity for Glovo to support its merchants.
“Through this initiative, we’re providing access to much-needed working capital directly within our ecosystem, making it easier and faster for our partners to scale. This partnership with Salad Africa is a game-changer. It ensures our merchants can unlock new opportunities without traditional barriers.”
Founded in 2022, Salad Africa started by providing earned wage access to employers across Nigeria. That mission got it into the Techstars Nigeria inaugural cohort, but it has since changed course and now provides embedded lending infrastructure for B2B marketplaces. Its partnership with Glovo Nigeria will aid in closing the $421 billion financing gap for Africa’s SMEs.
“Supporting local businesses is at the heart of everything we do at Salad, so we’re thrilled to partner with Glovo to provide small and medium-sized restaurants with fast, fit-for-purpose financing to meet growing demand and scale their operations,” CEO Chikodi Ukaiwe said. “Embedded finance is unlocking new channels of credit that simply weren’t available before, and we’re proud to be making access to capital more seamless and timely for Glovo’s network of restaurants.”
Since changing focus in 2024, the startup says it has witnessed significant growth, with 50% of its annual revenue coming in the last four months of the year. The value of credit disbursed also grew by 453%. Meanwhile, it says loan repayment has remained at 99% since launch and has raised capital from Full Moon Equity Ventures.
