June 26, 2023
by Fast Credit Limited, a Nigerian fintech company, has successfully raised an impressive $3.6 million through a groundbreaking issuance of Commercial Paper Series. This significant achievement highlights investors’ confidence in Fast Credit’s unique business model and strategic vision and recognizes its potential for substantial growth.
The funds were raised through three separate issuances, each with a different tenure. The first issuance, lasting 91 days, had a yield of 15%. The second issuance, spanning 182 days, offered a yield of 16%. Finally, the third issuance, running for 270 days, provided a yield of 17.25%. These issuances attracted diverse investors, including pension fund administrators, asset managers, and insurance companies. Stanbic IBTC Capital Limited served as the Lead Arranger and Issuing and Placing Agent. At the same time, FSL Securities Limited, Planet Capital Limited, and United Capital PLC acted as Joint Arrangers and Issuing and Placing Agents.
Investors have been drawn to Fast Credit’s Commercial Paper for several reasons. The company has demonstrated impressive growth and has established a solid track record within the financial industry. Fast Credit has enhanced operational efficiencies and improved customer experiences by leveraging technology, particularly artificial intelligence and advanced data analytics. This technological prowess positions Fast Credit as an industry leader and appeals to investors who recognize its potential for significant returns.
Furthermore, Fast Credit’s recent achievement of a long-term investment grade rating of ‘Bbb’ from Agusto & Co and a ‘BBB+’ long-term grade rating with an A2 stable outlook from DataPro has further boosted investor confidence. These ratings affirm Fast Credit’s financial stability and its ability to meet financial obligations, making it an attractive investment opportunity for institutional and individual investors.
The oversubscription of Fast Credit’s Commercial Paper issuance underscores the market’s recognition of the company’s unique value proposition.
Fast Credit Limited, founded in 2014, aims to revolutionize the financial landscape through technology. The company enhances operational efficiency and delivers a positive customer experience by leveraging artificial intelligence and advanced data analytics. Fast Credit primarily serves the Nigerian financial industry, offering innovative products and services to meet the evolving needs of its clients. Through the power of technology, Fast Credit seeks to streamline processes, expand financial access, and foster a more inclusive financial ecosystem.
