Bfree
Overview
Bfree is a tech-enabled financial services company focusing on ethical debt recovery in emerging markets, headquartered in Lagos, Nigeria. Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, Bfree aims to revolutionize credit collection processes by leveraging advanced AI technologies. As of 2025, the company has raised a total of $7.45 million, most recently securing $3 million in a funding round led by Capria Ventures. Bfree operates across several African markets, including Nigeria, Kenya, and Ghana, providing lenders with customer-centric solutions to debt recovery.
Recent Developments
- 2025: Bfree's latest funding round in July brought in $3 million, primarily directed towards scaling operations and enhancing AI-driven solutions for credit recovery. Partnering with Capria Ventures and other investors, this funding promises to further expand Bfree's market reach in Africa and potentially beyond.
- 2024: In February, Bfree received $2.95 million funding from Capria Ventures, marking an expansion of their services and further development of their secondary debt market solutions. This initiative is poised to allow third-party investors to buy non-performing loans from African banks.
- 2023: Bfree expanded its technological outreach by partnering with Infobip, integrating communication channels like voice and SMS into its debt recovery processes. This strategy enhanced its capability to engage borrowers across multiple platforms effectively.
- 2022 and 2021: The company initiated its global expansion by entering new markets across Asia and Europe, backed by a pre-Series A round of $2.5 million. Their expansion strategy focuses on both geographic growth and product enhancement utilizing machine learning and AI tools.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2020 |
| Headquarters | Lagos, Nigeria |
| Founders | Julian Flosbach, Chukwudi Enyi, Moses Nmor |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Capria, Launch Africa, Verdant Capital |
| Industry | Financial Services, Credit Management |
| Number of Employees | Approximately 51-200 |
Early History
Founded in 2020, Bfree emerged from the shared vision of its founders who previously worked in digital lending across Nigeria. Noticing the shortcomings of traditional debt collection methods, which often involved aggressive tactics, they sought to create a more ethical and efficient approach. Initial seed funding in 2021 kickstarted their journey, allowing them to develop a suite of tech-driven solutions aimed at improving repayment rates while ensuring customer dignity.
Company Profile and Achievements
Bfree operates on a hybrid SaaS model, offering tailored debt recovery solutions primarily for non-collateralized consumer loans in emerging markets. The company emphasizes ethical engagement with borrowers through:
- Automated Communication Tools: Use of chatbots and callbots to ensure humane interaction based on customers' financial behaviours and histories.
- Machine Learning Algorithms: These tools predict repayment probabilities, aiding in personalizing customer engagement strategies.
- Self-Service Platforms: Allowing borrowers to autonomously manage payment plans, increasing engagement rates significantly.
- Strategic Partnerships: Collaboration with Infobip to leverage scalable communication tools that facilitate multi-channel borrower contact. The company aspires to redefine debt collection by focusing not only on recovery rates but also on customer satisfaction and retention.
Current Operations and Market Position
Bfree currently focuses its efforts primarily in Nigeria, Ghana, and Kenya, with plans to enhance its presence in other markets. The company's business strategy underpins a tech-centric approach, integrating AI solutions with human-led recovery processes. Its efforts in developing a secondary debt market in Africa set Bfree apart in the industry, enabling institutional investors to acquire distressed loans, thereby injecting liquidity into the financial system.
Conclusion
Bfree stands at the forefront of transforming debt recovery in Africa through its ethical approach and advanced technological solutions. By addressing inefficiencies and customer dissatisfactions traditionally rampant in loan collections, Bfree is positioned not only as a service provider but as a catalyst for broader financial inclusion and stability across emerging markets. With its continuous growth and strategic partnerships, the company is well-placed to further innovate and expand its impact in financial services.