Nigerian credit management fintech startup BFREE has raised a US$1.7 million pre-Series A funding round and strengthened its management team ahead of global expansion. Founded in August 2020 by Chukwudi Enyi, Moses Nmor and Julian Flosbach, BFREE offers ethical digital-first credit collection solutions for financial institutions in emerging markets. Having raised a US$800,000 seed round in May of last year, BFREE has now secured a US$1.7 million pre-Series A round from 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures and several unnamed business angels. “Interest rates for retail borrowers in emerging markets are still very high, strongly driven by high default rates and lack of infrastructure. “The company has gained incredible traction very early on, which just shows the huge opportunity in the credit management industry in emerging markets.

Source: The North Africa Journal January 10, 2022 06:32 UTC