Nigerian debt recovery Startup Bfree, Raises $2.95 Million to Revolutionize Debt Collection in Africa

Bfree, a tech-enabled debt collection Nigerian 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. 

Commenting on the investment, managing partner at Capria Ventures, Susana Garcia-Robles said,

“The advent of generative Al provides a pathway for more efficient scaling, enabling the company to expand across the continent at a reduced cost. Bfree is well-positioned to play a crucial role in improving accessibility and mitigating risk in financial services.

“We foresee the growing prominence of credit management and are confident that Bfree will spearhead the creation of a secondary market on the continent for distressed assets. Bfree has secured significant partnerships with top-tier banks and fintechs, affirming the effectiveness of its product and reinforcing our belief in its potential to transform credit collection in Africa”.

Through a tech-enabled credit management solution that makes collection processes more scalable, efficient, and user-friendly, Bfree concentrates on helping its customers with their finances. 

Commenting on the company’s commitment to addressing the challenges of risk management and how the newly raised fund would enhance that, CEO of Bfree, Julian Flosbach said,

“At Bfree, we are focused on addressing the challenges of risk management in African economies. Through the use of Al, 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. With the support of our investors, we are poised to make significant strides in transforming risk management for lenders in Africa.”

Launched in 2020, Bfree offers a personal budgeting service to debt consumers to help them spend within their means and repay their loans with interest promptly.