Nigerian Ethical Credit-Recovery Fintech Bfree Secures $1.7M, Expands To Asia, Europe, South America And Across Africa
Nigerian Ethical Credit-Recovery Fintech Bfree Secures $1.7M, Expands To Asia, Europe, South America And Across Africa
01/07/22, 7:00 AM
Location
lagosMoney raised
$1.7 million
Round Type
seed
Bfree, a Nigerian credit management fintech has embarked on global expansion after raising $1.7 million in a pre-Series A round, to tap the opportunities in emerging markets, where digital lending apps have recently sprung up in droves.
Company Info
Location
lagos, lagos state, nigeria
Additional Info
Image Credits: BfreeThe startup is currently working with 30 credit institutions, including digital lenders, micro-finance institutions and banks. Using customer data provided by the lenders, the startup builds the user profiles of defaulters, and runs their data through an algorithm to predict their behavior and recommend the best collection method. The startup also regularly conducts financial literacy campaigns. Flosbach anticipates that the startup will be handling 1.4 million profiles by the end of next month. Bfree was founded by Chukwudi Enyi (COO), Moses Nmor (CPO) and Flosbach (CEO), who were looking to develop better, ethical and tech-inspired debt-collection tools and processes following their first-hand experience working for digital lenders in Nigeria.