Nigerian AI-powered startup, BFREE, has secured $2.95 million in a funding led by Capria Ventures, a venture capital firm specialising in applied generative AI solutions across emerging markets.
The funding round marks a major milestone for BFREE, which seeks to pioneer customer-centric solutions for borrowers and lenders in Africa. Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, BFREE initially focused on automating credit collections through AI-powered software.
The company has since evolved into a comprehensive platform that evaluates and acquires non-performing loan portfolios from banks and fintechs, thereby opening new avenues for global funds seeking exposure to Africa’s growing credit markets.
With this $2.95 million funding, BFREE aims to enhance its suite of tailored risk management solutions for financial institutions across the region. Managing Partner at Capria Ventures, Susana García-Robles, also opined that BFREE has the potential to drive financial inclusion by improving accessibility and lessening risks for lenders through the application of generative AI technology.
BFREE has already facilitated over 4.5 million loan restructuring plans in Nigeria, Kenya, and Ghana, demonstrating its ability to navigate complex collections landscapes using ethical AI solutions. The company’s strategic partnerships with major banking institutions highlights its commitment to transforming Africa’s credit markets responsibly.
BFREE’s diverse investor pool, which includes Capria, Angaza, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and angel investors, reflects widespread confidence in the startup’s ethical value plan for reshaping Africa’s credit markets.
Olivier Munyeshyaka, representing co-investor Angaza Capital, commended BFREE’s tech-driven approach, expressing confidence in the partnership’s potential to spark positive change and unlock new opportunities across Africa.
BFREE’s CEO, Julian Flosbach, noted that the fintech’s evolution to a holistic credit platform represents its intention to help distressed borrowers regain financial stability while providing security for creditors. With this funding, BFREE is poised to accelerate its impact across Africa rapidly.
As internet and smartphone adoption continue to rise across Africa, companies providing seamless access to credit have the potential to drive greater financial inclusion for millions across the continent. Leveraging strategic investment alongside ethical AI technologies, BFREE is positioned as a trailblazer in responsible lending practices, contributing to a more inclusive financial future for Africa’s population.
