freethe leading ethical credit management platform in Africa, is proud to announce the successful completion of its latest funding round, securing a total of US$2.95 million.
The round, led by Capria Ventures, a Global South specialist investing in applied Generative AI, welcomed a consortium of esteemed investors including Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and angel investors.
About BFREE
Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, BFREE is dedicated to reshaping the credit collection landscape in Africa’s emerging markets.
Leveraging cutting-edge AI technology, BFREE aims to empower consumers to manage debt responsibly while providing efficient, customer-centric solutions for lenders.
Digging deeper
The capital infusion from this funding round will enable BFREE to significantly enhance its suite of risk management solutions tailored for banks and lenders. While originally founded with a primary focus on credit collection automation software, BFREE has since evolved its approach.
The firm currently leverages extensive NPL portfolio data sets to expertly evaluate and structure portfolio acquisitions in collaboration with third-party investors. These investors include alternative asset managers and hedge funds seeking to capitalize on emerging market credit portfolios as a new asset class.
What they say
Julian Flosbach, CEO of BFREE, expressed his commitment, stating:At BFREE, we focus on addressing the challenges of risk management in African economies. Through the use of artificial intelligence, we develop solutions that help distressed borrowers get back on their feet, while empowering lenders and contributing to the stability of financial markets across the continent. With the support of our investors, we are poised to make significant strides in transforming risk management for lenders in Africa.β
Susana GarcΓa-Robles, Managing Partner at Capria Ventures, he said, “The advent of Generative AI provides a path to more efficient scaling, allowing the company to expand across the continent at a reduced cost. BFREE is well placed to play a critical role in improving accessibility and mitigating risk in financial services. We foresee the increasing visibility of credit management and are confident that BFREE will lead the way in creating a secondary market on the continent for distressed assets. BFREE has secured significant partnerships with leading banks and fintechs, confirming the effectiveness of its product and reinforcing our belief in its potential to transform credit collection in Africa.β
Olivier Munyeshyaka of Angaza Capital, a co-investor in this round, expressed excitement about working with BFREE, stating;At Angaza Capital, we recognize the enormous potential of the African markets and are excited to partner with BFREE as they begin their expansion across the continent. Having navigated the complexities of collections firsthand, we are impressed by BFREE’s commitment to leveraging technology to address these challenges. Together, we are poised to drive significant change and unlock new opportunities across Africa.β
By The Numbers
BFREE has achieved significant growth since its inception in 2020, serving 4.5 million borrowers across Nigeria, Kenya, and Ghana.
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