Capria Ventures leads investment in African credit management platform
BFREE has completed its latest funding round, securing a total of $2.95 million.
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BFREE, an Africa-focused credit management platform, has completed its latest funding round, securing a total of $2.95 million. The round was led by Capria Ventures, with further participation from Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and angel investors.
Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, BFREE is dedicated to reshaping the credit collection landscape in Africa. Leveraging AI technology, BFREE aims to empower consumers to address debt responsibly while providing effective, customer-centric solutions for lenders.
Julian Flosbach, CEO of BFREE said, "At BFREE, we are focused on addressing the challenges of risk management in African economies. Through the use of AI, we are developing solutions that help distressed borrowers get back on their feet while empowering lenders and contributing to financial market stability across the continent. With the support of our investors, we are poised to make significant strides in transforming risk management for lenders in Africa."
Susana GarcÃa-Robles, managing partner at Capria Ventures commented, "The advent of generative AI provides a pathway for more efficient scaling, enabling the company to expand across the continent at a reduced cost. BFREE is well-positioned to play a crucial role in improving accessibility and mitigating risk in financial services. We foresee the growing prominence of credit management and are confident that BFREE will spearhead the creation of a secondary market on the continent for distressed assets. BFREE has secured significant partnerships with top-tier banks and fintechs, affirming the effectiveness of its product and reinforcing our belief in its potential to transform credit collection in Africa."
Olivier Munyeshyaka of Angaza Capital, added: “At Angaza Capital, we recognise the immense potential of African markets, and we're excited to partner with BFREE as they embark on their expansion across the continent. Having navigated the complexities of collections first-hand, we're impressed by BFREE's commitment to leveraging technology to address these challenges. Together, we're poised to drive impactful change and unlock new opportunities across Africa."
BFREE has achieved significant growth since its founding in 2020, serving 4.5 million borrowers across Nigeria, Kenya, and Ghana. The company has established strategic partnerships with major commercial banks.
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