Companies · Fintech

Indicina, Inc.

NORTH HOUSTON · Fintech · refined from filed group “Other Technology

Diligence memoA one-page analyst read on Indicina, Inc. — recommendation, valuation, rhythm, risks.
$4.5M
Total raised · real
2
Rounds
5.4×
Latest step-up
Top 17%
Sector rank · raised
Seed
Latest stage · inferred · Thu Sep 23 2021 00:00:00 GMT+0000 (Coordinated Universal Time)

Indicina, Inc. looks over-valued against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the fintech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 1.51× the median modeled value of Seed Fintech companies in 2019–2021 (34 peers) — value vs value, same stage and era.
Dormant
  • Last raise 4.8 yr ago; this sector typically re-raises about every 12 months.
  • Silent for over 3× the sector's normal cadence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Fintech

Indicina, Inc. is one of 1063 Fintech companies tracked from NORTH HOUSTON. By capital raised it ranks in the upper tier (ahead of 84% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

Nigerian startup Indicina, which has developed a data-driven lending platform that digitises the credit value chain, has raised a funding round worth over US$700,000 as it looks to further build out its product.

Nigerian startup Indicina, which has developed a data-driven lending platform that digitises the credit value chain, has raised a funding round worth over US$700,000 as it looks to further build out its product.

fintech

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
28
Investors (latest)
2018
Year incorporated
2021-09-23
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$25M$50M$75M$100MPre-Seed · 2020-12-10 Raised $700K (real) Modeled valuation $24M (est)$700K$24MPre-Seed2020Seed · 2021-09-23 Raised $3.8M (real) Modeled valuation $74M (est)$3.8M$74MSeed2021+$3.8MCumulative $4.5M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$700K · 2020
Seed$3.8M · 2021

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$73.6M
Base estimate est.
$3.3M
Conservative case
$414.2M
Upside case
$19.0M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks scaled by the fintech sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $24.0M · 2020-12-102020Seed · modeled $73.6M · 2021-09-232021
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
38%
Survival probability
17% low · 60% high
1.62×/yr
Annual markup
2.13×/yr upside case
4.8 yr
Elapsed time used
4.8 yr actual, capped for stale marks
fintech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
9 mo
Avg between rounds
$5.7M/yr
Capital velocity
5.6 yr
On record since
2020
First round
2
Rounds on file
How it compares to the market

Benchmarked against 1063 companies in Fintech. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 1.0× above median
This company$4.5M
Sector median$4.3M
Latest round — vs other Seed rounds in sector (real $, this stage) 1.9× above median
This company$3.8M
Sector median$2.0M
Modeled value — vs sector median (estimate, all stages) 1.6× above median
This company$73.6M
Sector median$45.0M

Raised more than 84% of sector peers (real $). Modeled value above 87% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #8 of 34.

This companyCohort peer
$10.0M$100.0M$1.0B$1.0M$10.0M$100.0MCapital raised (log)Paymob · Seed Raised $3.5M · modeled $116.7M (est)Alude Holdings Ltd. · Seed Raised $3.3M · modeled $110.6M (est)Stitch · Seed Raised $4.0M · modeled $102.5M (est)Chari · Seed Raised $5.0M · modeled $95.2M (est)Diool · Seed Raised $3.5M · modeled $89.7M (est)Planet42 · Seed Raised $2.4M · modeled $84.5M (est)Fan Payment Solutions LP · Seed Raised $2.1M · modeled $74.0M (est)Kwara · Seed Raised $4.0M · modeled $70.0M (est)Workpay · Seed Raised $2.1M · modeled $69.8M (est)Allied Payment Network Inc. · Seed Raised $9.1M · modeled $65.9M (est)NowPay · Seed Raised $2.1M · modeled $64.5M (est)Indicina, Inc. (this company) Raised $4.5M · modeled $73.6M (est)Indicina, Inc.
CompanyStageRaised · realValue · estvs peer med.
PaymobSeed$3.5M$116.7M2.39×
Alude Holdings Ltd.Seed$3.3M$110.6M2.27×
StitchSeed$4.0M$102.5M2.10×
ChariSeed$5.0M$95.2M1.95×
DioolSeed$3.5M$89.7M1.84×
Planet42Seed$2.4M$84.5M1.73×
Fan Payment Solutions LPSeed$2.1M$74.0M1.52×
Indicina, Inc. this companySeed$4.5M$73.6M1.51×
KwaraSeed$4.0M$70.0M1.44×
WorkpaySeed$2.1M$69.8M1.43×
Allied Payment Network Inc.Seed$9.1M$65.9M1.35×
NowPaySeed$2.1M$64.5M1.32×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$700K2020-12-10$3.9M$24.0M45%
Seed$3.8M2021-09-23$19.0M$73.6M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$700K2020-12-10
    • First recorded raise — entered as Pre-Seed.
  2. Seed$3.8M2021-09-23
    • Raised 9 mo later, in step with the ~12 mo sector norm.
    • Round 5.4× larger than the prior — scaling up.
    • 28 investors on this round.
Intelligence
2022 ~Q3
Modeled next raise · ~9mo cadence
$11.4M
Modeled next size est.range $7.4M$18.2M
5.4×
Last step-up
$5.7M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Olayemi Ajao2021-09
Yvonne Oyetakin2021-09
Registry & provenance

Indicina, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1886736
SEC CIK
2018
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Remedial HealthFintechSeed$4.4M$52.7Msame sector · same stage
SmartPath, Inc.FintechSeed$4.4M$48.5Msame sector · same stage
DuploFintechSeed$4.3M$52.6Msame sector · same stage
WealthForge Holdings, Inc.FintechSeed$4.1M$7.2Msame sector · same stage
ChariFintechSeed$5.0M$95.2Msame sector · same stage
Happy PayFintechSeed$5.0M$11.0Msame sector · same stage
Arrow Holdings LlcFintechSeed$4.0M$140.9Msame sector · same stage
Coverage Cat Inc.FintechSeed$4.0M$52.7Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Indemnis IncOther TechnologySeed$9.4M88%
Plentina Inc.Other TechnologySeed$39.8M87%
Indicio, PbcOther TechnologySeed$19.3M87%
Idelic Inc.Other TechnologySeries B$473.7M87%
Indify,Inc.Other TechnologyPre-Seed$36.0M86%
iQUANTUM INC.Other TechnologySeed$39.1M85%
Interplai, Inc.Other TechnologySeed$40.6M85%
iQuanti, Inc.Other TechnologyPre-Seed$19.1M85%
Frequently asked
How much funding has Indicina, Inc. raised?
Indicina, Inc. has raised approximately $4.5M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Indicina, Inc.'s estimated valuation?
Provath's modeled valuation for Indicina, Inc. is approximately $73.6M (modeled range $3.3M–$414.2M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Indicina, Inc. at?
Indicina, Inc.'s latest modeled financing stage is Seed. Its most recent recorded round closed around Thu Sep 23.
What does Indicina, Inc. do and where is it based?
Indicina, Inc. operates in the Fintech sector, based in NORTH HOUSTON. Nigerian startup Indicina, which has developed a data-driven lending platform that digitises the credit value chain, has raised a funding round worth over US$700,000 as it looks to further build out its product.
Explore related

See where Indicina, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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