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Nigerian Ethical Credit-Recovery Fintech Bfree Secures $1.7M, Expands To Asia, Europe, South America And Across Africa

Jan 07, 2022•over 3 years ago

Amount Raised

$1.7 Million

Round Type

seed

Lagos

Description

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 Information

Company

Bfree

Location

Lagos, Lagos State, Nigeria

About

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.