February Newsletter: Spotlight on BFREE as They Raise $3M in Funding, Insights on Corporate Innovation and Partnerships
Greenhouse Capital
We identify, invest in and accelerate the technology powering Africa's future
In the growing economies of Africa and beyond, BFREE emerges as a promising startup in the fintech industry, focusing on debt recovery. Launched in 2020 by Julian Flosbach , Chukwudi Enyi , and Moses (Azubuike) Nmor, BFREE is changing the approach to debt recovery. With activities spanning from Nigeria to Ghana, Kenya, and the USA, BFREE is dedicated to a global mission with a local perspective, advocating for financial dignity and utilizing technology to transform the traditional view of debt collection.
The Product
BFREE offers a suite of products designed to simplify and humanize the debt recovery process:
This approach has not only won the hearts of individuals but also secured the confidence of prestigious clients like GTBank Kenya , Access Bank Plc , Branch, QuickCheck , FairMoney, Stanbic Bank, and Kuda. It is a resounding endorsement of BFREE's innovative and ethical vision, setting a new benchmark for the industry.
The Founders
The decision to invest in BFREE was deeply influenced by the exceptional qualities of its founders. Julian Flosbach , Chukwudi Enyi , and Moses (Azubuike) Nmor exemplify the essence of visionary leadership, showcasing traits that resonate with the core values Greenhouse Capital seeks in founders. Our partner Surabhi (Ruby) Nimkar elaborates on the traits deemed essential before making an investment decision, including a founder's unique perspective, deep industry knowledge, understanding of governmental and regulatory standards, personal connection and passion for the problem being solved, humility coupled with a thirst for learning, and the dynamic synergy within the founding team [listen to Ruby's insights].
Why Greenhouse Capital Invested
At Greenhouse Capital, we believe in the power of fintech to bring about ethical and efficient solutions to longstanding challenges. Our investment in BFREE , alongside others like Advancly reflects our commitment to backing startups that are not just financially promising but also socially impactful. BFREE's innovative approach to debt recovery, operational excellence, and strategic expansion aligns with our vision for the future of fintech. Their dedication to ethical practices and the transformative effect of their products and services in the debt financing sector has made them a standout investment for us.
A Journey of Transformation
BFREE's transformational journey epitomizes strategic growth and innovation in ethical debt recovery. Garnering the trust of major banks in Ghana, Kenya, and Nigeria, it's now poised for further expansion with a robust $2.95 million in fresh funding. This recent round, led by Capria Ventures and supported by @Angaza Capital, Greenhouse Capital , Launch Africa Ventures , Modus Capital , Axian CVC, alongside some angel investors, elevates its total capital to $6.5 million. This significant financial endorsement from a diverse set of investors underscores the market's confidence in BFREE's vision, showcasing its potential to redefine the debt recovery landscape and foster a more compassionate financial environment.
Growing our ecosystem through corporate partnerships
Listen to our Principal at Greenhouse Capital break down the mutual benefit of corporate and strategic partnerships within the ecosystem here.
ICYMI
Greenhouse Capital celebrates HeliumCredit for rapidly empowering healthcare initiatives, ensuring projects launch within 48 hours, and showcasing efficiency and community impact.
Kuunda has partnered with Union Microfinance Company Limited (UMCL) to foster economic growth and provide instant access to short-term working capital for entrepreneurs and MSMEs.
Kunnda joins Pakistan Fintech Network PFN as a member!! Congratulations to the entire Kunnda team.
Congratulations to Pezesha as they partner with @CFI, supported by @USAID and DAI, to explore how positive friction aids borrowers' decisions and portfolio quality. Download the report to learn more here.
Sanjiv Purushotham has been appointed to the advisory board of Uqudo, following Philippe Weber's recent addition a few weeks ago.