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South Africa based provider of short-term loans to small and medium sized businesses raised $6.5m in Series A financing co-led by IFC and Quona Capital.
Lulalend will use the round to build its tech and data team and improve its ability to reach more SMEs in South Africa, according CEO Trevor Gosling—who co-founded the startup in 2014 with Neil Welman. On the market for Lulalend’s business, Gosling highlighted IFC numbers indicating a $23 billion financing gap for South Africa’s SME’s—which are estimated to contribute 34 percent of the GDP for the country of 56 million.
https://techcrunch.com/2019/06/26/south-african-sme-finance-startup-lulalend-raises-6-5m-series-a/
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