Salad Africa, a fintech firm specializing in embedded lending infrastructure for B2B marketplaces and technology-driven SMEs, has teamed up with Glovo, a leading app that connects users to businesses and riders in Nigeria, to enhance financing opportunities for small and medium-sized enterprises (SMEs).
The new collaboration introduces a distinctive SME financing program aimed at providing eligible Glovo partners with easier access to working capital, with more competitive rates and terms compared to traditional banking institutions. The initiative is designed to help businesses scale quickly, introduce new products, and increase revenue within the Glovo ecosystem.
By aligning itself with prominent global players in embedded lending, such as YouLend, R2, and Banxware, Salad Africa is positioning itself as a key player in the global fintech landscape. Notably, in 2024, YouLend joined forces with Glovo Spain to offer financing to restaurants, and R2 raised US$15 million to bolster its efforts to support underserved businesses in Latin America.
Through this partnership, Glovo partners will have access to loans ranging from ₦50,000 to over ₦100 million, with eligibility based on real-time sales data from the Glovo app. Merchants will need to have been active on the platform for at least three months and meet specific performance criteria to qualify. This data-driven approach ensures faster, fairer, and more accurate lending decisions.
Once eligible, merchants will receive their loan funds directly through the Glovo platform, and repayments will be automatically deducted as a percentage of future sales, eliminating the need for collateral. This approach provides a seamless, performance-based lending process, in contrast to traditional financial institutions.
This partnership marks a significant milestone for Salad Africa, which currently processes over ₦500 million in credit monthly. To date, the company has supported over 1,500 SMEs, helping them grow sustainably. With Glovo’s involvement, Salad Africa is aiming to reach ₦1 billion in monthly credit disbursements.
This initiative is part of Glovo Local, a global program designed to empower SMEs within the digital economy. Glovo Local provides SMEs across 23 countries with tools such as marketing support, order management, platform visibility, and financial assistance. With SMEs making up 90% of Glovo’s businesses, the company is driving growth and supporting local economies.
Kolawole Adeniyi, Head of Commercial at Glovo Nigeria, stated, “At Glovo, we’re always seeking ways to empower our partners. This initiative enables us to provide much-needed working capital, helping our partners scale quickly and efficiently. Partnering with Salad Africa removes traditional barriers and paves the way for growth.”
Chikodi Ukaiwe, CEO of Salad Africa, added, “Supporting local businesses is core to what we do at Salad Africa. We’re excited to partner with Glovo to provide fast, tailored financing that helps SMEs meet increasing demand. Embedded finance is opening up new credit opportunities, and we’re proud to offer timely, accessible capital to Glovo’s restaurant network.”
Through this partnership, Glovo and Salad Africa are driving financial inclusion, promoting economic growth, and supporting the digital transformation of businesses across Nigeria.