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Nigeria ethical credit management fintech startup raises seed round

BFREE
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BFREE, is a Nigeria fintech startup focused on improving the financial health of consumers through its tech-enabled credit management solution. This has been them raise a seed round after running for seven months. The Lagos-based startup completed an $800K seed round led by Beta Ventures (Nigeria-based), GreenHouse Capital, and  Launch Africa Ventures, after only 7 months of business.

BFREE was founded in 2020 by Moses Nmor, Chukwudi Enyi, and Julian Flosbach and manages over 300,000 customers for its Nigerian lenders. The Lagos-based fintech primarily focuses on improving customer financial health through its tech-driven credit management solution.

Customers that have fallen behind on their credit repayments are incentivized to sustainably clear their outstanding balances through communication automation, self-servicing solutions, and ML-powered predictive customer behaviorisms.

Chukwudi Enyi, a COO, pointed out how the co-founders worked in some of the top fintechs in Nigeria where collections were a struggle. He contrasted the traditional call centers that offer little in scalability, accountability, or transparency to the classic call centers that are more scalable yet susceptible to misconduct and less effective.

Moses Nmor, the CPO, highlighted their approach that focuses the product development to help customers faced with a financial emergency.

Beta VenturesIke Eze described the new venture as “the first ethical credit management company” in Africa

Launch Africa’s Baljinder Sharma pointed out their intent to add value to BFREE’s geographical expansion plans.

GreenHouse Capital‘s Bunmi Akinyemiju pointed out how BFREE has already achieved “ 60% of total collections via non-human activities” within a few months of operations.

Traditional collection companies are not scalable and offer little transparency and accountability.

 

Source article at Africabusinessinsider

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