Nigerian ethical credit-recovery fintech Bfree secures $1.7M, expands to Asia, Europe, South America and across Africa

• BySaksham Daga     |    January 8, 2022

Bfree, Nigeria’s credit management fintech, launched its global expansion after raising $ 1.7 million in a PreSeries A round to take advantage of opportunities in emerging markets where digital credit apps are booming recently. The 4,444 funds that participated in the last round included 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures and  other angel investors, raising $ 800,000 in seeds and then a Lagos-based startup. The total capital of the company is now $ 2.5 million. Round last May. 

 Bfree is currently conducting extensive recruitment campaigns in 16 new markets with operations, including Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan and Indonesia. This is because it has grown beyond Nigeria, which began operations in August 2020 before arriving in Kenya last July. 

 “We’re in a populous, credible, and  underdeveloped regulatory environment where behavior-gathering approaches are likely to work,” Bfree co-founder and CEO Julian Flosbach told TechCrunch. Told. 

 Bfree was founded by Chukwudi Enyi (COO), Moses Nmor (CPO), and Flosbach (CEO). 

 “We found that  the lender’s value proposition was a bit violated. We are good at lending, but the after-sales service in the loan market did not work because the collection process was inefficient and not user-friendly.” Floßbach said. 

 Flosbach tells TechCrunch that Bfree applies ethical  collection standards and works closely with defaulters to find bespoke payment options with the ultimate goal of increasing  repayment rates and customer satisfaction. Told. The 

 Ethical Collection Standard guarantees the protection of customer information during the process, considers flexible repayment options and avoids unnecessary penalties such as late fees and debt shame (currently applicable to many digital lenders). increase).

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