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.
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Lulalend raises $6.5 million
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.
