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Tech startup raises $1.7m for expansion

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Bfree, a credit management fintech, has raised $1.7m in a pre-Series A round to embark on expansion in emerging markets.

The company said it had so far raised $2.5m, having raised $800,000 in a seed round in May, 2021.

According to TechCrunch, Bfree is on a massive recruitment drive in 16 new markets, including in Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan, and Indonesia.

The Chief Executive Officer, Julian Flosbach, was quoted as saying, “We are going into markets with large populations, credit deepening and an underdeveloped regulatory environment, where a behavioural collection approach is likely to work.”

According to the report, the company uses ethical debt collection standards and works closely with defaulters for tailor-made settlement options, in the hope of increasing repayment rate and customer satisfaction.

It said it was currently working with 30 credit institutions, including digital lenders, micro-finance institutions and banks.

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The company said it used customer data provided by the lenders to build a user profile for defaulters, and ran their data through an algorithm to predict their behaviour and recommend the best collection method.

It added that it had followed up with 1.1 million defaulters to date, with about 800,000 customers.

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