Bfree, a top ethical credit manager, just snagged a $2.95 million funding boost.
This cash injection, led by Capria Ventures and backed by a group of big-name investors like Angaza Capital and GreenHouse Capital, marks a major milestone for the company.
Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, Bfree is on a mission to revolutionise credit collection in Africa. Using advanced AI tech, they aim to help people manage debt responsibly while giving lenders smart solutions.
Julian Flosbach, CEO of Bfree, said, “At Bfree, we are focused on addressing the challenges of risk management in African economies. Through the use of AI, we are developing solutions that help distressed borrowers get back on their feet while empowering lenders and contributing to financial market stability across the continent,”
This fresh funding will supercharge Bfree’s efforts to improve risk management tools for banks and lenders. Originally focused on automating credit collection, Bfree now also helps investors assess and buy non-performing loan portfolios in Africa.
The company’s loan portfolio is worth over $400 million, with a collection rate of 12.5%. Bfree also plans to create a marketplace for third-party investors to buy non-performing loans from African banks.
Susana García-Robles, Managing Partner at Capria Ventures, believes Bfree is set to make waves in the financial world. She believes that, with Generative AI, Bfree can expand affordably across Africa, improving financial services accessibility.
She also affirmed that partnering with top banks and fintechs proves their product works and shows their potential to change credit collection in Africa.
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