Africa-Press – South-Africa. While SMEs are one of the largest contributors to private employment in South Africa, a significant proportion of these businesses remain unbanked or under-serviced by traditional lenders with limited access to credit.
The $35 million was raised through Series B equity funding led by Lightrock LLP, the German development finance institution and the International Finance Corporation. Lulalend, which was founded by Gosling and Neil Welman, raised $6.5 million in 2019 in its Series A funding and has grown to employ 150 people.
Lula already has 20 000 clients on the waiting list, Gosling said.
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