BFREE, Africa’s leading ethical credit manager platform, proudly announces 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 across emerging markets in Africa.
Leveraging cutting-edge AI technology, BFREE aims to empower consumers to address debt responsibly while providing effective, customer-centric solutions for lenders.
Digging Deeper
The infusion of capital from this funding round will empower BFREE to significantly enhance its suite of risk management solutions customized for banks and lenders. While originally founded with a primary focus on credit collection automation software, BFREE has since evolved its approach.
At present, the company harnesses extensive datasets on non-performing loan portfolios 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 markets’ credit portfolios as a new asset class.
What They’re Saying
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.”
Susana García-Robles, Managing Partner at Capria Ventures, said, “The advent of Generative AI provides a pathway for more efficient scaling, enabling the company to expand across the continent at a reduced cost. BFREE is well-positioned to play a crucial role in improving accessibility and mitigating risk in financial services. We foresee the growing prominence of credit management and are confident that BFREE will spearhead the creation of a secondary market on the continent for distressed assets. BFREE has secured significant partnerships with top-tier banks and fintechs, affirming the effectiveness of its product and reinforcing our belief in its potential to transform credit collection in Africa.”
Olivier Munyeshyaka of Angaza Capital, a co-investor in this round, expressed enthusiasm about partnering with BFREE, stating, “At Angaza Capital, we recognize the immense potential of African markets, and we’re excited to partner with BFREE as they embark on their expansion across the continent. Having navigated the complexities of collections firsthand, we’re impressed by BFREE’s commitment to leveraging technology to address these challenges. Together, we’re poised to drive impactful change and unlock new opportunities across Africa.”
By The Numbers
BFREE has achieved significant growth since its founding in 2020, serving 4.5 million borrowers across Nigeria, Kenya, and Ghana.
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