SA fintech startup Lulalend has had access to over R150-million in debt funding since launching in 2014 and is on track to access another R500-million off the back of the startup’s latest equity raise of $6.5-million (R92-million), announced last week. So, says CEO and co-founder Trevor Gosling.
The startup — which provides short-term loans to small businesses via an online platform (it typically lends out R150 000 over a six-month term period — raised the $6.5-million in a Series-A round led by the World Bank’s IFC and Quona Capital (see this story).
In a Q&A with Ventureburn yesterday by email, Gosling reported that the business is “performing very well”. “We’ve grown over 200% year-on-year having funded thousands of businesses to date,” he said.