BFREE, A Fintech Startup, Has Raised $1.7 Million In Pre-Series A Funding

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BFREE, A Fintech Startup, Has Raised $1.7 Million In Pre-Series A Funding
BFREE, A Fintech Startup, Has Raised $1.7 Million In Pre-Series A Funding

BFREE, a Nigerian credit management fintech startup, has raised US$1.7 million in pre-Series A funding and strengthened its management team in preparation for global expansion.

 

Chukwudi Enyi, Moses Nmor, and Julian Flosbach founded BFREE in August 2020 to provide ethical digital-first credit collection solutions for financial institutions in emerging markets. After only 16 months in operation, the startup now manages collection processes for over 30 digital lenders, microfinance banks, and commercial banks in Nigeria and Kenya.

 

BFREE secured a US$1.7 million pre-Series A round from 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures, and several unnamed business angels after raising a US$800,000 seed round in May of last year. It plans to use the new funds to expand globally and significantly strengthen the management team.

Moses Nmor, the startup’s chief product officer, expressed excitement about not only continuing to improve the startup’s collections product, but also launching other products that will revolutionize credit risk management in emerging markets.

 

“Access to finance is a critical driver of economic development, and borrowers deserve lower interest rates.” “We’ll make certain they get it,” he said.

 

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BFREE was 4Di Capital’s first investment in Nigeria, according to Anton van Vlaanderen.

 

“The company has gained tremendous traction very early on, demonstrating the enormous opportunity in the credit management industry in emerging markets.” “We are now optimistic about their plans to expand into markets such as India, Brazil, and Egypt,” he said.