By 
Lula, a South African fintech company founded in 2014 by Trevor Gosling and Michael Foley, has secured US$21 million in funding from the Dutch Development Bank, FMO.
This investment would help scale Lula’s lending capabilities to small and medium-sized businesses (SMEs).
The local-currency facility would support Lula’s technology-driven platform, which provides fast and flexible working capital to SMEs, often overlooked by traditional banks.
Tech in Africa reports that the funding follows Lula’s recent success.
In 2023, the company raised US$35 million in Series B funding, led by Lightrock and with participation from IFC, Quona Capital, DEG, and Triodos Investment Management.
Additionally, in late 2024, Lula secured a further US$10 million local-currency loan from IFC.
Lula’s platform enables businesses to access short-term capital for expenses such as inventory, salaries, and operations, with local-currency lending helping to reduce exposure to exchange-rate volatility for borrowers.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments