Nigerian Fintech Firm To Expand Operations To Europe, Others With $1.7m

Nigerian Credit recovery fintech startup, Bfree, has secured $1.7m to expand outside the shores of Africa.

The fintech firm was founded in August 2020 by Chukwudi Enyi, Moses Nmor and Flosbach  who is the Chief Executive Officer.

In July last year, it expanded to Kenya, but with the money raised through its Series A funding round, Bfree is targeting Asia, Europe and more African markets.

The company is already conducting massive recruitments in Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan and Indonesia, according to Tech Crunch.

Inventors that participated in the  round include: 4Di Capital, Octerra Capital, VestedWorld, Voltron Capital and Logos Ventures among others.

With the development, Bfree is now valued at $2.5m as it secured $800,000 in a seed round conducted in May 2021.

“We are going into markets with large populations, credit deepening and an underdeveloped regulatory environment, where a behavioural collection approach is likely to work.

“We saw that there was like a little bit of a breach in the value proposition of lenders — they are good at giving out loans, but the after sales services of the credit market didn’t work as collections processes were inefficient and not user friendly,” Bfree co-founder and CEO, Julian Flosbach said.