South African digital lender Lulalend has raised a US$6.5 million, an investment by the IFC and Quona Capital. Lulalend will use the investor-led funding to expand its reach in the Small and Medium business sector, which it provides lending facilities from a tech-enabled digital platform. Lulalend provides loans that typically range up to $100,000 for 6 to 12 month tenors.
Lulalend is an online lending company that offers flexible repayment structures for small companies in South Africa. The target market is small businesses that generate revenues of above R500,000 and have been in business for more than 1 year. Its approach leverages technology and a proprietary algorithm to evaluate applicants and provide funding quickly, conveniently and transparently. Lulalend was founded in 2014. PEafrinsights has additional information on Lulalend at https://peafrinsights.co.za/lulalend/