"I Didn't Do It: First 1000 Days at Lendsqr"
In the bustling world of fintech, Lendsqr, a Nigerian startup, has made a name for itself by providing proprietary technology for lenders. Founded by Adedeji Olowe in 2018, the company's journey to success was not an easy one, but it was marked by deep industry experience, a people-centric approach, and a disciplined, process-driven culture.
Olowe's extensive banking experience, gained from various leadership roles at some of Nigeria’s largest banks, played a significant role in his success. His insights into electronic banking, cards, and business automation gave him a strong understanding of the fintech and lending ecosystem, enabling him to solve real credit technology problems for lenders rather than simply becoming a digital lender himself.
The path to product-market fit was not smooth for Lendsqr. The company initially started with a web-based platform, but it was not successful. However, they persisted and switched to a mobile-first approach. Despite initial challenges with onboarding and app store approvals, Lendsqr's determination paid off.
The breakthrough came in late 2019 when a company called BlinkCash approached them to build a lending app and backend from scratch. The codebase built by two developers, Chigozie Madubuko and Tosin Dokunmu, became the foundation of Lendsqr. This opportunity led to two new customers, Liberty Credit and KrediBank, asking to use their platform, signifying the discovery of product-market fit.
Lendsqr's success is also attributed to its intensive onboarding process, consisting of 40 hours of internal lectures, documentation, cross-functional training, and simulations. This rigorous process ensures that every team member is well-equipped to contribute to the company's growth.
Adewumi Akinsanya, a Nigerian engineer, played a crucial role in building some of Lendsqr's core infrastructure and most of its admin front-end features. Eseose Animihiaga, head of content marketing at Lendsqr, has been responsible for delivering content for three years without missing a delivery, despite never meeting in person. Grace Effio, current Head of Enterprise at Lendsqr, is one of the equity owners and has acquired skills in SQL, product growth, and customer issues.
Lendsqr now serves over 7,000 lenders in various countries, including Nigeria, Canada, Rwanda, the U.S., Zambia, etc. The company aims to build an enterprise-grade, cost-effective credit infrastructure, with plans to compete with industry leaders like HESFintech, Finastra, Symphony, and Digifi.
Adedeji Olowe, the driving force behind Lendsqr, is not just a successful entrepreneur but also a champion of a people-centric approach. He credits the faith, talent, and collective effort of numerous people rather than himself alone for the company’s success. He promotes the belief that people can be trained to become world-class and that systems and processes are essential to building a successful tech business.
In October, Lendsqr is hosting the Moonshot event in Lagos, a gathering that promises to bring together innovators, investors, and industry leaders to discuss the future of fintech. With its commitment to technical excellence, process-driven culture, and a focus on scalable, sustainable operations, Lendsqr is undoubtedly a fintech startup to watch.
Lendsqr's success in the fintech industry can be traced back to Adedeji Olowe's extensive banking experience and deep understanding of the fintech and lending ecosystem, which allowed them to solve real credit technology problems for lenders rather than simply becoming a digital lender themselves. After facing initial challenges with their web-based platform, they pivoted to a mobile-first approach, eventually finding product-market fit through the creation of a lending app for BlinkCash. Today, Lendsqr serves over 7,000 lenders in various countries, with plans to compete with industry leaders in credit infrastructure technology, aiming to build an enterprise-grade, cost-effective solution.
