Bfree, a Nigerian startup, has raised $3 million in funding to drive its mission of enhancing debt recovery through ethical solutions.
Founded by innovative entrepreneurs with deep roots in Africa’s financial industry, Bfree is set to enhance credit management, placing ethics and technology at the fore of its operations.
The genesis of Bfree traces back to the founders’ dissatisfaction with prevailing credit collection practices across Africa.
Witnessing the adverse effects of aggressive debt retrieval techniques employed by predatory digital lenders, the company resolved to challenge the status quo.
Bfree is working to ensure dignity and respect in all borrower-lender interactions. The company has been successful in implementing strategies that ensure fair and just debt recovery processes, helping borrowers to be treated with compassion and understanding, while still working to recover debts that are owed.
Its focus on ethical debt recovery has gained the trust and respect of many borrowers who have found themselves in debt and in need of assistance.
Led by CEO Julian Flosbach, alongside co-founders Chukwudi Enyi and Moses Nmor, Bfree embodies a vision of financial empowerment and integrity. The current fund raised included diverse investors such as Capria Ventures, Angaza Capital, GreenHouse Capital, and others.
Bfree’s innovative approach to debt recovery centres around empowering borrowers while ensuring the sustainability of lending institutions.
Through scalable debt recovery methods, including self-service platforms and conversational AI tools, Bfree prioritizes humane interactions and borrower autonomy. The company leverages technology and ethics, to bolster the credit management sector.
With its recent funding, Bfree will expand its footprint across key African markets, attracting major banks and financial institutions in Ghana, Kenya, and Nigeria.
While initially targeting digital lenders, Bfree strategically shifts its focus towards banks, recognizing their significant contribution to revenue generation.
Beyond debt recovery, Bfree envisions a secondary debt market that facilitates the purchase of non-performing loans from African banks.
The company is utilizing predictive algorithms and analytics solutions to help banks scale through secondary markets with precision and efficiency, mitigating risk and unlocking new avenues for growth.
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