Nigeria’s Bfree, which digitizes credit collection using machine learning, receives funding from AXIAN

By
James Musoba
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Nigeria’s Bfree which digitizes credit collection using machine learning and digital communication channels to improve Non-Performing Loans for banks, microfinance institutions and fintechs has received an investment from AXIAN, a leading investment firm committed to fostering African start-ups.

With Bfree, AXIAN confirms its willingness to keep investing in Nigeria. The Revfin deal, an innovative lending platform in India, is the latest in a series of strategic investments over the past few months. AXIAN’s investments continue to play a role in shaping the future of the entrepreneurial landscape in Africa, and demonstrates alignment with the UNDP’s vision under the ‘Timbuktoo’ initiative, launched at Davos recently.

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According to Hassane Muhieddine, CEO of AXIAN Financial Services: “We keep following our initial strategy by investing on the promising African tech ecosystem. Our investments in 2023 reflect our dedication to supporting transformative initiatives that address critical challenges in Africa and beyond. We believe in the potential of these start-ups to make a lasting impact, and we look forward to developing our partnerships in the coming years “.

Axian also invested in india’s Revfin, a lending and digital platform for light Electric Vehicles aiming to become India’s largest lending company by focusing on the bottom of the pyramid. Their innovative and homegrown solution has led to Revfin becoming the leading EV financing company in India and the partner of choice for major distributors such as Uber.

With 18 start-ups in its CVC portfolio, AXIAN Investment remains committed to long-term investments and is currently finalizing more deals in the start-up ecosystem. The firm’s fundamental approach is to deliver positive impact and shared values. As we look ahead to 2024, AXIAN Investment anticipates continued growth and innovation within the African start-up ecosystem and will play a key role to enable it.

These deals are latest in a series of strategic investments to expand AXIAN Investment’s portfolio, building the growth over the past few months through the following ventures Nigeria’s Traction Apps, Egypt’s i’SUPPLY, Tanzania’s Dawa Mkononi and Egypt’s and Saudi Arabia’s Bosta.

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