Lulalend, a South African online lending startup, has secured a $35 million series B funding round to help boost and accelerate support for Small and Medium Scale Enterprises.
The funding round was led by Lightrock, the global impact investor, with participation from new investors including the German development finance institution DEG, Triodos Investment Management, and Women’s World Banking Asset Management, as well as existing investors The International Finance Corporation (IFC) and Quona Capital.
Trevor Gosling, Co-founder & CEO of Lulalend said: “Above all else, we’re determined to ensure that this investment ultimately benefits the more than 2 million formal and informal SMEs in South Africa whose financial needs remain grossly underserved.
“The capital we’ve raised will allow us to service the surging demand for the fast access to working capital we offer businesses, as well as accelerate the roll out of Lula, our new digital banking offering for SMEs.
“We believe that Lula will be a game changer for South African small business owners, enabling them to manage their entire cash flow from one highly intuitive digital platform. Simplifying their life, saving time and allowing them to focus on growing their business.
“Lulalend will offer a bank account specifically tailored for SMEs, an AI-driven cash flow management tool and real-time access to funding via our existing funding solutions. Account opening can be done entirely online, meaning no time-consuming branch visits, and our Customer Experience team will deliver the fast, responsive and human service that is lacking from traditional banks.”
Founded in 2014, Lulalend is an online lending company that provides fast and easy working capital funding to small businesses in South Africa.