Bfree, a tech-enabled debt collection startup based in Nigeria, has secured a $2.95 million round led by Capria Ventures.
According to the startup’s CEO, Julian Flosbach, in a statement on Saturday, Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and some angel investors participated in the round.
Bfree formally known as BFREE Africa was launched in 2000 by Chukwudi Enyi, Julian Flosbach, and Moses Nmor.
The startup claims giving clients back control over their finances and guiding them sustainably out of debt is the main goal of its collecting procedures.
“Because of the immense pressure to increase our margins, we essentially had to either increase pricing or let go of a lot of smaller customers,” said Flosbach.
Flosbach added that the company plans to increase its footprints in Ghana, Kenya, and Nigeria.
With the latest funding, the total raised increased to $6.5 million, including last year’s undisclosed $1.1 million bridge round.
