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Bfree raises $1.7m to expand operations

Nigerian ethical credit management FinTech start-up Bfree closed a successful pre-Series A funding round that will power its further expansion into Asia, Europe and South America. Angel investors were joined by 4DI Capital, Logos Ventures, Octerra Capital, VestedWorld and others for the $1.7 million round.

Bfree is currently recruiting for its expansion into 16 new markets across the globe

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The company was founded in 2020 by Julian Flosbach, Chukwudi Enyi and Moses Nmor and uses ethical debt collection standards to offer bespoke settlement options to encourage repayment and reduce instances of debt shaming.

A working relationship with over 3 credit institutions including micro- and digital lenders allows Bfree access to customer databases where its proprietary algorithm can build out customer profiles and predict payment behaviour. All this is with a view to arrive at a suitable repayment plan.

Plans can be established through a self-service platform where borrowers communicate through automated chat and call bots, or directly interface with the customer.

Bfree has followed up with over a million defaulters and are currently communicating with 800 000 customers.

The company has now raised $2.5 million in total funding to date, which includes the successful seed round in May 2021.

Featured image by Dylan Gillis/Unsplash

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