Founded in 2014, Lulalend focuses on providing productive funding for small and medium enterprises (SMEs) throughout South Africa.
It uses technology and a proprietary algorithm to evaluate applicants with successful applicants receiving funds quickly and conveniently.
The process is totally digital (online), happens within minutes with funds disbursed within 24 hours, and with no hidden fees or costs.
The startup will use the funds to support the growth of local businesses through access to credit, and grow its team.
“…and we’re excited to receive this new round of funding that validates our approach and our impact,” said Trevor Gosling, Lulalend CEO.
He added, “The support of these investors will be invaluable in helping Lulalend expand our team and further develop and scale our offering to provide South Africa’s businesses with the financing they need.”
The round was led by Accion Venture Lab, the early-stage investment vehicle of the financial inclusion leader Accion, with participation from Newid Capital and Hallmann Holding International Investment GmbH.
Lulalend currently operates in South Africa, and is looking to expand throughout the region.