Nigerian fintech CreditChek has acquired Ugandan financial technology company Algosys, strengthening its expansion across East Africa and moving the company closer to its goal of building a broader lending infrastructure.
The financial terms of the acquisition were not disclosed. Following the deal, Algosys will operate as a subsidiary of CreditChek, while its team will be integrated into the Nigerian fintech.
From credit assessment to lending infrastructure
Founded in 2021 by Kingsley Ibe and Lionel Orishane, CreditChek provides credit assessment and financial data services to banks, fintechs, microfinance institutions and other lenders.
The company aggregates information from financial institutions, credit bureaus and alternative data providers to help lenders assess borrowers.
Its services include credit history checks, income verification and banking data analysis.
CreditChek says it has processed more than $60 million in credit applications and reached over 1 million unique profiles, while achieving profitability in Nigeria.
The Algosys acquisition expands that offering by bringing lending and core banking technology into the mix.
What Algosys brings
Founded in 2024 by Innocent Bigega and Simon Tayebwa, Algosys develops core banking and lending software for financial institutions in Uganda.
The company has worked with 22 financial institutions and supported more than 10,000 SACCO loans.
Its technology covers loan origination, portfolio management, savings and deposits, financial reporting and credit checks. It also provides mobile and USSD access for financial institutions.
This creates a natural fit between the two businesses: CreditChek helps lenders understand a borrower’s creditworthiness, while Algosys provides infrastructure to process and manage lending activities.
CreditChek deepens East Africa expansion
The acquisition follows CreditChek’s $600,000 funding round in June, which included investment from Janngo Capital and Vastly Valuable Ventures.
The funding is supporting the company’s expansion of credit data services across Kenya, Uganda and Rwanda.
For CreditChek, the strategy goes beyond entering another market. The company wants to build a more complete lending stack that can support lenders across the customer journey, from assessing borrowers and making credit decisions to originating and managing loans.
The move also comes at a time when alternative financial data, including mobile money activity, is becoming increasingly important for lenders seeking to serve customers with limited traditional credit histories.
With Algosys now part of the business, CreditChek is taking a step toward controlling more of the lending infrastructure it hopes to provide across Africa.
