South Africa-based online lending platform Lulalend raised a new round of financing of undisclosed amount.
The round was led by Accion Venture Lab, the early-stage investment vehicle of the financial inclusion leader Accion, with participation from Newid Capital and Hallmann Holding International Investment GmbH.
The company intends to use the funds to expand the team and further develop and scale its offering.
Founded in 2014 CEO Trevor Gosling and CTO Neil Welman, Lulalend provides productive funding to small and medium enterprises (SMEs) throughout South Africa. by leveraging technology and a proprietary algorithm to evaluate applicants and provide resources quickly.
The company currently operates in South Africa, and is looking to expand throughout the region.