Nigerian Fintech Startup BFREE Secures $2.95 Million Funding Round


Nigerian fintech startup BFREE, a leading ethical credit manager platform, has raised a US$2.95 million round of funding to enhance its product suite.

Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, BFREE leverages AI technology to transform the credit collection process across emerging markets. The company aims to provide effective solutions for debt management while supporting financial institutions in their risk management efforts.

The startup already serves 4.5 million borrowers across Nigeria, Kenya, and Ghana, and has established strategic partnerships with major commercial banks. Its US$2.95 million funding round was led by Capria Ventures, and also featured the likes of Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and angel investors.


BFREE will use the funding to significantly enhance its suite of risk management solutions customised for banks and lenders. While originally founded with a primary focus on credit collection automation software, BFREE has since evolved its approach, and it now harnesses extensive datasets on non-performing loan portfolios to expertly evaluate and structure portfolio acquisitions in collaboration with third-party investors. These investors include alternative asset managers and hedge funds seeking to capitalize on emerging markets’ credit portfolios as a new asset class.

“At BFREE, we are focused on addressing the challenges of risk management in African economies. Through the use of AI, 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,” said Flosbach, CEO of BFREE.

Susana García-Robles, managing partner at Capria Ventures, said the advent of Generative AI provided 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,” she said.


Angaza CapitalAxian CVCGreenHouse CapitalLaunch AfricaModus AfricaNigerian fintech startup BFREE

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