Nigerian Ethical Credit-Recovery Fintech Bfree Secures $1.7 Million, Expands to Asia, Europe, South America and Across Africa
By Annie Njanja
Bfree, a Nigerian credit management fintech, has embarked on global expansion after raising $1.7 million in a pre-Series A round, to tap the opportunities in emerging markets, where digital lending apps have recently sprung up in droves.
Funds that participated in the latest round included 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures and several other angel investors, bringing the total capital raised by the Lagos-based startup to $2.5 million, having realized $800,000 in a seed round last May.
Bfree is now on a massive recruitment drive for the 16 new markets in which it is setting up operations, including Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan and Indonesia. This is as it grows beyond Nigeria, where it started operations in August 2020 before entering Kenya in July last year.