BFree, a Lagos fintech, has received $1.7 million in funding for its African ambition. BFree is a credit management fintech startup in Lagos that has secured $1.7 million investment to expand in Africa and beyond, and other springing markets, bringing its war chest to $2.5 million, besides the $800,000 that was raised last year May.
The pre-series B funding round was led by Octerra Capital, Logos Ventures, Voltron Capital, 4Di Capital, and a host of several angel investors.
The funding aims at facilitating the vision of BFree to expand beyond Nigeria where its operations began in August 2020 before going to Kenya in July 2021.
The fintech company has started a recruitment process for 16 new markets including Pakistan, Mexico, Ghana, Indonesia, India, Uganda, Brazil, Colombia, Russia, and Poland.
Julian Flosbach, BFree co-founder and Chief Executive Officer (CEO) said the aims and objectives of the company are to develop better ethical and tech-inspired debt-collection tools and processes.
He cited the first-hand experience of the co-founders – Chukwudi Enyi, Chief Operating Officer (COO), Moses Nmor, Chief Product Officer (CPO), and himself – who have worked for digital leaders in Nigeria as an advantage.
Julian explained further how the tech firm focuses on ethical debt collection standards working closely with defaulters for tailor-made settlement options to increase the rate of repayment and customer satisfaction, as reported by Nairametrics.
“We saw that there was a little bit of a breach in the value proposition of lenders – they are good at giving out loans, but the after-sales services of the credit market didn’t work as collection processes were inefficient and not user-friendly”, Flosbach said.
BFree, Lagos Fintech Gets $1.7M Funding For African Vision
