Self-funded lending arm has disbursed over ₦500 million since 2022 at an average loan size of ₦250,000, supported by proprietary AI-powered financial analytics platform Ava Analytics
FinRik LOC, the SME lending platform operated by FinRik Technologies, has surpassed ₦500 million in cumulative loan disbursements since its launch in 2022, maintaining a 90% repayment rate across its credit products.
The majority of FinRik LOC’s lending has been funded from FinRik’s own balance sheet since inception, as the company has developed its lending infrastructure alongside its broader business technology ecosystem.
FinRik LOC began as a credit offering for users of FinRik Shop, FinRik’s no-code e-commerce website builder, which later evolved into Ava Books, the company’s bookkeeping and financial management platform.
The lending business crossed its first ₦10 million in disbursements in August 2022. As Ava Books expanded its financial management capabilities, FinRik LOC evolved alongside it, extending access to a broader base of small and growing businesses.
In June 2026, FinRik launched V3 of FinRik LOC, expanding its credit infrastructure and product offering.
Today, FinRik’s business technology ecosystem reaches more than 1,500 businesses across its products, including Ava Books, FinRik LOC and its newly launched procurement platform, Roadkit.
FinRik LOC currently offers Business Term Loans, Founders Credit and Revolving Credit, with an average loan size of approximately ₦250,000, reflecting its focus on the working-capital needs of small and growing businesses.
Building AI and Data Science Infrastructure for SMEs
Alongside its lending infrastructure, FinRik has developed Ava Analytics, an internally built AI-powered financial analytics and data science platform designed to transform raw business and financial information into structured financial intelligence.
At the core of Ava Analytics is Sophia, FinRik’s internally developed AI-powered data science system. Sophia coordinates a multi-stage analytical workflow that processes financial information, including bank statements, sales records and other business documents.
The system is designed to identify data structures and quality issues, prepare and analyse datasets, perform exploratory analysis, develop and evaluate predictive models, and generate structured analytical outputs.
Rather than relying on a single AI prompt, Sophia coordinates multiple analytical stages to transform complex financial datasets into structured and interpretable insights.
From Business Records to Lending Intelligence
One of the key applications of Ava Analytics is loan-readiness analysis.
Sophia analyses historical financial performance, cash-flow stability, financial variance andother business indicators to generate insights that support underwriting, financial decision-making and recommended loan-size ranges.
This infrastructure connects FinRik’s financial management, analytics and lending products, allowing the company to build a deeper understanding of how small businesses operate and
develop financial products around their needs.
Commenting on the milestone, Segun Awoniyi, CEO and Founder of FinRik Technologies, said: “Building FinRik LOC has always been about more than simply providing loans.
Since we crossed our first ₦10 million in disbursements in August 2022, the majority of our lending growth has been powered by FinRik’s own balance sheet.
“We have evolved from serving users of FinRik Shop to building technology that helps us understand businesses better and create financial products around the realities of how they
operate.
While Ava Books is an important part of our ecosystem, FinRik LOC is not limited to Ava Books users. Our ambition is to make our credit products available to as many viable SMEs as possible.
“My background in data science has also shaped how we approach financial technology at FinRik. We are combining business data, AI and predictive modelling with lending to build more intelligent financial infrastructure for SMEs.
Our 90% repayment rate is an encouraging indicator that this approach can support better financial decision-making and access to
credit.”
₦500 Million in SME Financing
The ₦500 million milestone represents cumulative disbursements through FinRik LOC across its credit products since 2022, at an average loan size of approximately ₦250,000.
With more than 1,500 businesses reached across its ecosystem and a 90% repayment rate, FinRik plans to continue expanding its SME technology and financial products while investing in AI and data science capabilities that improve financial decision-making and
access to credit.
The company also plans to introduce additional financing products, including trade financing, leveraging its newly launched procurement platform, Roadkit, to connect SME procurement needs with access to financing.