According to bank documents, the proposed project is a US$2.8 million equity investment into Lulalend, an online uncollateralized MSME lending platform based in Cape Town, South Africa. Lulalend leverages technology to provide loans to banked but underserved businesses in South Africa. Lulalend’s customers are MSMEs with annual turnover ranges of $36K-3.5M, from the retail, services, manufacturing, logistics and construction sectors. IFC’s investment will help increase access to finance for micro and small and medium enterprises (“MSMEs”) in South Africa.
The proposed investment is a US$2.8 million equity investment in preferred Series A stock of Lulalend. The total round size is US$6.5 million.
Founded in 2015, Lulalend is an online uncollateralized MSME lending platform based in Cape Town, South Africa. To date, the company has disbursed 2,180 loans worth $18.5MM in total cumulative disbursements.
Post IFC’s investment, Lulalend’s shareholding structure will be as follows: Trevor Gosling (CEO), Neil Welman (CTO), Alexander Schuetz, IFC, Quona, Hallman Holding International, Accion, Team Africa Ventures, Newid Capital, Lutz Seebacher, Employees.
Mr. Trevor Gosling
1st floor, 81 Church Street, Cape Town, WC 8000, South Africa
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