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.
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“LulaLend was founded in 2014 to provide quick, transparent online credit to small businesses in South Africa, and we’re excited to receive this new round of funding that validates our approach and our impact,” says Gosling in a press release.
“The support of these investors will be invaluable in helping LulaLend expand our team and further develop and scale our offering to provide South Africa’s businesses with the financing they need.”
According to the CEO and president of Accion, Michael Schlein, LulaLend aims to address the credit gap in SA where small businesses can receive credit from traditional commercial banks.
“LulaLend aims to address this credit gap in South Africa, and has the potential to serve the entire region, helping small business owners access funding, build credit histories, and participate in the global economy,” says Schlein.