Croatian fintech startup Oradian raises €112K in funding to continue the expansion

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Oradian-founders

Oradian, a Zagreb- and London-based provider of banking software for microfinance in developing countries, just raised additional €112k in funding from the new investor Middleton Enterprises. This capital injection is part of a larger funding round, which will be announced soon, and will be used to continue to expand its business reach. Previous investors include Credo Ventures, Playfair Capital, Day One Capital, and Esther Dyson.

Founded in 2012, Oradian provides Micro Finance Institutions (MFIs) in countries with underdeveloped banking infrastructure with a finance management platform for personal banking.

The Croatian fintech company was originally focused on Nigeria, where it grew its customer base to 24 MFIs with roughly 490,000 end users. With support from the Philippine Central Bank, the young company has since had a rollout in the Philippines, where it already works with 18 MFIs. Oradian today is also present in Ghana, Liberia, and Malawi.

The long term vision of Oradian is to connect 100 million families to the financial system globally. Their software helps MFI’s to grow their businesses and lower the cost of finance to end users.

Middleton Enterprises’ Finance Director Mike Elliot stated: “A key selling point of the product, in underdeveloped countries, is that it can be used without internet, and automatically updates through the cloud once connected. They have analysed a huge problem in the countries that they are operating in, and developed a simple but incredibly effective solution to overcome it. With its high margins and incredible retention rates, and the fact that the un-serviced financial market they are a part of is enormous, this project should continue to see success in the future.”