SA fintech startup Lulalend raises $6.5m Series A funding round
Summary
Founded in 2014 by Trevor Gosling and Neil Welman, Lulalend utilises proprietary credit scoring technology to enable it to provide quick decisions, fast funding, and transparent pricing to SMEs. “Yet for years in South Africa there’s been a massive funding gap for small-and medium enterprises, the very lifeblood of the economy. “Lulalend has built a seamless user experience that solves a massive funding gap faced by so many SMEs in South Africa – enabling SMEs to grow and thrive, rather than getting stuck due to lack of working capital. The partnership with Lulalend is part of IFC’s programme to deepen small business development and promote access to finance to improve economic inclusion and create job opportunities. “Small business lending is changing, and by partnering with digital innovators like Lulalend we can capitalise on new sources of data and models to deliver finance to reach more small businesses in South Africa, thus driving job creation and economic growth,” said Kevin Njiraini, IFC’s regional director for Southern Africa and Nigeria.
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