Nigeria-based Bfree raises $3m to scale ethical debt recovery solution
TLDR
- Bfree, a debt collection startup, secures $3 million funding led by Capria Ventures for enhancing risk management solutions tailored for banks and lenders.
- Founded in 2020, Bfree aims to revolutionize credit collection in emerging markets across Africa using advanced AI technology.
- Co-founded by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, Bfree empowers consumers to manage debts responsibly while offering customer-centric solutions to lenders.
Bfree, a tech-enabled debt collection startup, has secured $3 million in new funding aimed at enhancing its risk management solutions tailored for banks and lenders.
The funding round was led by Capria Ventures, with participation from Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and several angel investors. This comes after the company completed its Pre-Series A round of $2.5 million in 2022.
Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, Bfree aims to revolutionize the credit collection landscape in emerging markets across Africa. Leveraging advanced AI technology, the company empowers consumers to manage their debts responsibly while providing lenders with effective, customer-centric solutions.
Key Takeaways
Since its establishment in 2020, Bfree has witnessed substantial growth and has provided services to 4.5 million borrowers spanning Nigeria, Kenya, and Ghana. The company's strategic partnerships with major commercial banks underscore its significance in regional client development. Notably, Bfree stands out as one of the few tech-enabled credit recovery companies operating across Africa, a region where collectors predominantly utilize traditional methods such as call centers for debt collection efforts. Presently, Bfree's loan portfolio exceeds $400 million, and it has successfully collected 12.5% of this amount, demonstrating its efficacy in debt recovery within the region.
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