Lulalend, a Cape Town, South Africa-based digital business lender company, raised $35M in Series B funding.
The round was led by Lightrock, with participation from German development finance institution DEG, Triodos Investment Management, and Women’s World Banking Asset Management, as well as existing investors International Finance Corporation (IFC) and Quona Capital.
The company intends to use the funds to accelerate growth of its loan book, bring new solutions to market, invest in digital capabilities, secure new talent and accelerate the rollout of Lula, its new digital business banking product.
Led by CEO Trevor Gosling, Lulalend is an online automated provider of business funding, driven by proprietary AI technology, in order to simplify cash flow management for business owners. By leveraging data from a diverse set of alternative sources, which support quicker and accurate assessments of business health, the company can review applications and distribute funds in hours as opposed to the weeks or months it takes traditional lenders. It currently offers a bank account specifically tailored for SMEs, an AI-driven cash flow management tool and real-time access to funding via the existing funding solutions. To date, Lulalend has disbursed billions of Rand to SMEs across South Africa.
FinSMEs
01/02/2023