South Africa-based online lending platform Lulalend has raised an undisclosed funding round led by Accion Venture Lab, with participation from Newid Capital and Hallmann Holding International Investment GmbH to empower local businesses with the access to credit they need to grow.
According to Lulalend CEO Trevor Gosling, who founded the company alongside Lulalend Chief Technology Officer Neil Welman. “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.”
Founded in 2014, Lulalend provides quick, transparent online credit to small businesses in South Africa, and the new round validates its approach and impact.
Lulalend focuses on providing productive funding for small and medium enterprises (SMEs) throughout South Africa. Its approach leverages technology and a proprietary algorithm to evaluate applicants and provide funding quickly, conveniently, and transparently.
Lulalend offers South African businesses an all-digital process that allows businesses to apply for and receive funding without visiting a physical branch. Quick turnaround, expedited through the use of new data sources that allow Lulalend to make decisions within minutes and provide funding within 24 hours. Transparent pricing with no hidden fees or costs; the pricing structure is based on the total principal, and Lulalend shows the repayment schedule as part of the acceptance process.