Bfree, a Nigerian credit management fintech, is expanding globally after raising $1.7 million in a pre-Series A round, to tap the opportunities in emerging markets.
Bfree is now on a massive recruitment drive for the 16 new markets in which it is setting up operations, including Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan and Indonesia. This is as it grows beyond Nigeria, where it started operations in August 2020 before entering Kenya in July last year.
“We are going into markets with large populations, credit deepening and an underdeveloped regulatory environment, where a behavioral collection approach is likely to work,” says Bfree co-founder and CEO Julian Flosbach
Funds that participated in the latest round included 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures and several other angel investors, bringing the total capital raised by the Lagos-based startup to $2.5 million, having realized $800,000 in a seed round last May.
The credit collection option that leverages ethics and technology in leading customers sustainably out of debt and onto the path of financial freedom, is currently working with 30 credit institutions, including digital lenders, micro-finance institutions and banks.
Photo credit: Bfree