Credit Management Startup BFREE Secures USD 2.95 M Led by Capria Ventures
BFREE, an ethical credit manager platform, raised USD 2.95 M. The round was led by Capria Ventures with participation from Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and angel investors.
BFREE was founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor to revolutionize the credit collection landscape in emerging markets across Africa. The company utilizes advanced AI technology to empower consumers to manage their debts responsibly while providing lenders with effective, customer-centric solutions.
The capital infusion from this funding round will enable BFREE to enhance its risk management solutions tailored to banks and lenders. Though originally focused on credit collection automation software, BFREE now leverages extensive datasets on non-performing loan portfolios to expertly evaluate and structure portfolio acquisitions in partnership with third-party investors. These investors include alternative asset managers and hedge funds that aim to take advantage of emerging markets’ credit portfolios as a new asset class.
Julian Flosbach, CEO of BFREE, expressed his commitment, stating, “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.”
The company had completed its Pre-Series A round of USD 2.5 in 2022. Since its founding in 2020, BFREE claims to have experienced significant growth and has served 4.5 million borrowers across Nigeria, Kenya, and Ghana. The company has formed strategic partnerships with major commercial banks, highlighting its role in regional client development.
