Nigerian Startup BFREE Raises USD 800 K Seed Round

BFREE, a Lagos-based startup that focuses on improving consumers’ financial health through a tech-enabled credit management solution, has raised an initial funding round of USD 800 K to help it grow. The round was led by Nigeria-based Beta Ventures alongside Launch Africa Ventures and GreenHouse Capital. 

The startup’s credit management system uses a combination of self-servicing solutions, contact automation, human operations, as well as machine learning algorithms to cluster and forecast customer behavior, to incentivize customers who have fallen behind on their credit repayments to clear their balances in a sustainable manner.