Lulalend, a South African fintech firm that provides loans to small and medium-sized businesses, has raised $35 million in its latest funding round. The Series B investment was led by international impact investor Lightrock and also saw participation from new investors, including DEG, Triodos Investment Management, and Women's World Banking, as well as lead investors from its previous Series A funding, the IFC and Quona Capital.
The new funding will allow Lulalend to increase its loan portfolio, expand its products into new markets, and invest in technology and talent as it rolls out its digital banking platform. CEO Trevor Gosling stated that much of the funding will be used for marketing and to strengthen the company's balance sheet, allowing them to raise over $200 million in debt and support their growth in new markets.
Lulalend aims to improve its services and provide more feasible financial opportunities for its customers, even as fintechs move towards more traditional banking models in their developmental stages. The company is committed to introducing customers to the new financial services opportunities that have arisen during the pandemic.
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