Nigerian Debt Recovery Startup Bfree Secures $2.95 Million to Revolutionize Africa’s Debt Collection Landscape

Tech-enabled debt collection startup Bfree, based in Nigeria, has successfully raised $2.95 million in a recent funding round, marking a significant milestone in reshaping debt collection practices across Africa.

The funding was led by Capria Ventures, with active participation from Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and notable angel investors.

Susana Garcia-Robles, Managing Partner at Capria Ventures, expressed optimism about Bfree’s potential impact, stating, “The advent of generative AI provides 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.”

The investment is expected to propel Bfree toward its goal of transforming credit collection in Africa by leveraging a tech-enabled credit management solution. This solution aims to enhance scalability, efficiency, and user-friendliness in debt collection processes.

Julian Flosbach, CEO of Bfree, highlighted the company’s commitment to addressing the challenges of risk management in African economies. He emphasized the role of AI in developing solutions that assist distressed borrowers in financial recovery while empowering lenders and contributing to overall financial market stability across the continent.

Established in 2020, Bfree offers a personalized budgeting service to debt consumers, aiding them in managing their finances responsibly and ensuring timely loan repayments with interest. The startup’s approach aligns with the broader vision of fostering a more accessible and efficient debt collection ecosystem in Africa.