Nigerian-based fintech company focused on credit management using innovative tools, Bfree, is set to expand into new markets following a $1,700,000 pre-Series A round.
Having kicked off operations in Nigeria, August 2020, and delved into Kenya around July 2021, Bfree is now expanding into 16 new markets in countries such as Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan and Indonesia.
The company’s goal is to explore markets with large populations, credit deepening and an underdeveloped regulatory environment, where a behavioural collection approach is likely to work.
Investors in Bfree’s pre-Series A round include 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures, and angel investors. This boosts the company’s total capital raised to $2,500,000, including its $800,000 seed funds raised in May last year.
Bfree is solving the problems of a painful and stressful Credit Collection process for both lenders and borrowers in emerging markets. Its mission revolves around changing the narrative by offering a clear path towards long-term financial stability through a combination of self-servicing, messaging automation, contact centre, and machine learning solutions.
With a vision to become the go-to Credit Collection company across emerging markets, leading the industry with high ethical standards and innovation, Bfree was co-founded by Julian Flosbach, Chukwudi Enyi, and Moses Nmor to reinvent the process, making it more customer-centric, innovative, and scalable.
Bfree is currently working with 30 credit institutions, including digital lenders, microfinance institutions as well as banks, and asserts to have followed up with 1,200,000 defaulters to date, has 800,000 customers leveraging its platform with majority in Nigeria and targets going beyond this before mid-2022.