The lending platform beat out a stiff competition of over 7,000 startups to clinch the top spot.

Two other finalists, Kunda Kids and PaveHQ, also received recognition, bagging $70,000 and $50,000 respectively.

Sycamore, founded in 2019 by Babatunde Akin-Moses, offers peer-to-peer lending services, providing risk assessment, commercial lending, and asset financing solutions.

Kunda Kids is an ed-tech company focused on African-inspired digital content, while PaveHQ is an international education and career platform.

The winners were selected based on market potential, team composition, traction, and solution competitiveness.

Commenting on the win, Sycamore’s CEO expressed his elation, highlighting the startup’s positive impact on society.

Aminu Umar-Sadiq, NSIA Managing Director, emphasized the prize’s role in fostering innovation and promoting homegrown talent.

Sycamore’s victory comes amid a growing loan app industry in Nigeria, which has seen a surge in licensed companies.