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Nigerian debt recovery startup BFREE secures $2.95m funding


BFREE, a Nigerian tech-enabled debt collection startup has secured $2.95 million in fresh funding, to redefine debt collection in Africa.

The funding round was led by Capria Ventures with participation from Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and Angel investors.

Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, BFREE is dedicated to reshaping the credit collection landscape across emerging markets in Africa. Leveraging AI technology, BFREE aims to empower consumers to address debt responsibly while providing effective, customer-centric solutions for lenders.

“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. ” Julian Flosbach, CEO of BFREE, said.

”With the support of our investors, we are poised to make significant strides in transforming risk management for lenders in Africa,” he added.

BFREE intends to use this new funding to enhance its suite of risk management solutions customized for banks and lenders.

While originally founded with a primary focus on credit collection automation software, BFREE has since evolved its approach. At present, the company harnesses extensive datasets on non-performing loan portfolios to expertly evaluate and structure portfolio acquisitions in collaboration with third-party investors. These investors include alternative asset managers and hedge funds seeking to capitalize on emerging markets’ credit portfolios as a new asset class.

BFREE has achieved significant growth since its founding in 2020, serving 4.5 million borrowers across Nigeria, Kenya, and Ghana. The company has also established strategic partnerships with major commercial banks, underscoring its role in client development within the region.

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Nixon Kanali

Tech journalist based in Nairobi. I track and report on tech and African startups. Founder and Editor of TechTrends Media. Nixon is also the East African tech editor for Africa Business Communities. Send tips to nkanali@techtrendske.co.ke.

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