
Fidelis Loans
A DeFi lending startup on the Algorand Blockchain
Fidelis is a startup being incubated from team members of the Africa Code Academy seeking to provide fast non-collateralized loans by staking Trust Point tokens from trusted backers in the lender's social network.
Fidelis seeks to disrupt the informal lending economy, often the only option for ordinary Africans to obtain short-term credit. Apart from excessively high interest rates, loan sharks often use intimidation and coercion to enforce repayments.
Utilizing the Algorand blockchain, approval, tracking, and disbursement of funds are fully automated through smart contracts, making it cost-effective and scalable for growth across Africa.
By utilizing Trust Points for both borrowing and backing of loans, Fidelis also builds up a social network credit scoring system that can create further opportunities to offer financial services to the most trusted and trustworthy customers.
Fidelis was awarded a grant from the Algorand Foundation.


