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All posts tagged "lulalend"

  • SME failure rate set to spike unless funding is addressed – LulaLend survey

    The South African SME sector is set for a major crisis unless access to adequate business funding can be ensured as a matter of urgency claims Lulalend CEO Trevor Gosling, following a survey the online lender held with 100 small businesses. Over 90% of the respondents to the survey, titled the Key Funding Challenges for South African SMEs 2017 report, had less than 10 employees -- just two percent employed more than 20 employees -- while the about half were from the business services, advertising and media, professional services and IT sectors. Lulalend CEO Trevor Gosling believes traditional lenders have lost their appetite for short-term unsecured business lending, leaving...

  • New approach needed for SME finance that looks at data not outdated processes

    Small business growth is being hindered by a lack of access to finance as entrepreneurs struggle with antiquated bank assessments that rely too heavily on outdated manual processes and criteria. In the 2016 National Small Business Survey business owners revealed that lack of funding or insufficient cash flow was the number one obstacle holding back their growth. Of those surveyed, 25% had applied for some form of finance in the past 12 months, typically for growth, working capital, or equipment finance. Is this perhaps why in a recent study only one percent of SMEs that started with fewer than five employees were found to have...

  • Innovation awards finalists announced

    FNB Business in association with Endeavor South Africa has announced 12 startups shortlisted for the FNB Business Innovation Awards. The awards are aimed at businesses that are able to demonstrate real innovation that has the potential to change the way an industry operates both locally and internationally. The businesses must be founder-led, exhibit high-growth potential and have the capacity to create a substantial number of jobs. The 12 shortlisted startups are: ArcAqua – A cutting edge food security company with a global vision to eliminate all food wastage by using ozone technology. BrandsEye – An opinion mining company that uses search algorithms, crowd-sourcing and machine learning...

  • LulaLend raises new round of funding from Accion Venture Lab

    Online lending platform LulaLend has raised a new round of funding from Accion Venture Lab, a division of Accion. The round also included participation from Newid Capital and Hallmann Holding International Investment GmbH. When asked about the amount raised, co-founder and CEO of Lulalend, Trevor Gosling, told Ventureburn it is necessary to "raise both debt to fund the loan book and equity to fund operations & tech investment". He went on to say the company has raised US$1-million with equity and the debt side will run into multiple million dollars over time. “LulaLend was founded in 2014 to provide quick, transparent online credit to small...

  • 26 Fintech startups you absolutely need to know about [Digital All Stars]

    Digital All Stars is a series of 24 articles which aims to celebrate the best of South African digital. The articles, which will appear on Memeburn and Ventureburn, recognise and celebrate South Africa’s best digital entrepreneurs, business people, advertisers, and media professionals among others. The All Stars listed in the articles are compiled using a combination of our editorial team’s own knowledge and that of experts in the fields covered by each article. Fintech has become a buzzword in recent years. It largely represents startups changing the way money and financial services are handled, by both businesses and corporates. Their developments...

  • A Day in the Life of: LulaLend startup CEO Trevor Gosling [Native Article]

    A Day in the Life of... Being an entrepreneur is as tough as it is rewarding. Your career is filled with risks, but also an incredible amount of opportunities. For the second edition of our A Day in the Life of... series, we're following Trevor Gosling, the co-founder and CEO of South African fintech outfit LulaLend. After a good few years in the investment banking space, working for the likes of Rand Merchant Bank and Goldman Sachs, Gosling built his own premium wine and gourmet food venture. The company, 5ounces, as it was called, then got acquired by South Africa's media...

  • LulaLend is a true fintech company mixing tech and finance

    Fintech is a buzzword that tends to be applied to any financial company doing anything with tech in some way or another. LulaLend is a fintech company that actually uses the word in a meaningful way as it successfully meshes technology and financial services. LulaLend is South Africa's first and only online, automated short-term business funding solution. The company allows for prospective clients to apply for short-term business loans in minutes and have their request approved within hours. The company is founded by Chief Technology Officer (CTO) Neil Welman (pictured top left) and Chief Executive Officer (CEO) Trevor Gosling (pictured top...

  • Innotribe Startup Challenge announces Africa’s 14 fintech semi-finalists

    The Innotribe Startup Challenge for 2015 has revealed its semi-finalists for this year. Sixty fintech startups from across the globe -- 14 hailing from Africa -- have been selected to pitch their new products during the regional showcases in London, Cape Town, Singapore and New York. "For the second consecutive year, we are thrilled with the record number and quality of the contestants applying to our programme," says Fabian Vandenreydt, head of markets management, Innotribe and the SWIFT Institute at SWIFT -- the major banking telecom behind the initiative. As a part of the programme, each semi-finalist will receive complimentary coaching...