Nigerian Ethical Credit-Recovery Fintech Bfree secures $1.7M And Expands To Asia
Bfree, a Nigerian credit management fintech, has embarked on global expansion after raising $1.7 million in a pre-Series A round.
It’s now on a massive recruitment drive for the 16 new markets in which it is setting up operations, including Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan, and Indonesia.
It was founded by Chukwudi Enyi, Moses Nmor, and Flosbach, who were reportedly looking to develop better, ethical, and tech-inspired debt-collection tools and processes after firsthand experience working for digital lenders in Nigeria.
4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures, and several other angel investors funded the round, bringing the total capital raised by the Lagos-based startup to $2.5 million, having realized $800,000 in a seed round last May.
“We are going into markets with large populations, credit deepening, and an underdeveloped regulatory environment, where a behavioral collection approach is likely to work,” Bfree co-founder and CEO Julian Flosbach told TechCrunch.