Lulalend, a South African digital lender, has revealed that its Series B round of funding totalled USD 35 million.
International impact investor Lightrock led the round, which also included lead investors from its USD 6.5 million Series A round, the International Finance Corporation (IFC) and Quona Capital, as well as several new investors, including the German development finance institution DEG, Triodos Investment Management, and Women’s World Banking.
Based on credit metrics, Lulalend asserts that it can disburse money in hours as opposed to the weeks or months that traditional lenders typically take to do so. According to a statement from the company, it has distributed billions of rand to small businesses all over South Africa.
Read More: South African digital lender Lulalend to launch banking product off the back of $35M Series B
