Cape Town based fintech startup Lulalend has closed a $6.5-million (R92-million) Series-A round led by the World Bank’s IFC and Quona Capital.
The startup, which was founded in 2014 by CTO Neil Welman and CEO Trevor Gosling (pictured above, left and right, respectively), provides short-term loans to small businesses via an online platform (it typically lends out R150 000 over a six-month term period).
In a report today, TechCrunch said Lulalend will use the investment to develop its tech and data team and improve its ability to reach more small businesses to finance.