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Bfree, a Nigerian startup enabling lenders recover debt ethically, gets $3M backing
Bfree plans to create a secondary market for loans to allow third-party investors to buy non-performing loans (NLPs) from banks in Africa.
After its launch in 2020, the startup introduced a number of scalable debt recovery methods including a self-service platform, which allows borrowers to set up new payment plans, and conversational AI tools (chatbots and callbots), as part of its collections-as-a-service offering. Julian Flosbach(CEO), who co-founded the startup with Chukwudi Enyi(COO) and Moses Nmor(CPO), told TechCrunch that while Bfree started out with digital lenders, which he says are quick to adopt its products, they currently only work with a handful of them, as their key focus is on banks, which contribute up to 70% in revenues. As the startup diversifies its offerings, it has also slowed down its aggressive expansion plans announced two years ago, when venture capital flowed freely and “growth at all costs” was the mantra, to concentrate on its three key markets in Africa.
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