Trevor Gosling is the Co-founder and CEO of Lulalend. He previously worked at 5ounces as a Founder and CEO and is passionate about making a difference to SMEs in South Africa.
In what is an increasingly challenging investment landscape we are excited to have finalised our Series B funding round.
Led by Lightrock the global impact investor, with participation from new investors the German development finance institution DEG, Triodos Investment Management, and Women’s World Banking Asset Management, as well as existing investors The International Finance Corporation (IFC) and Quona Capital, we’ve managed to secure a total of $35 million (R600 million). We’re truly grateful for the support and belief these global leaders in impact investing have placed in our business, and look forward to unlocking the great potential we believe exists at Lulalend through our partnership with them.
Above all else, we’re determined to ensure that this investment ultimately benefits the more than 2 million formal and informal SMEs in South Africa whose financial needs remain grossly underserved. The capital we’ve raised will allow us to service the surging demand for the fast access to working capital we offer businesses, as well as accelerate the rollout of Lula, our new digital banking offering for SMEs.
We believe that Lula will be a game changer for South African small business owners, enabling them to manage their entire cash flow from one highly intuitive digital platform. Simplifying their life, saving time, and allowing them to focus on growing their business. Lula will offer a bank account specifically tailored for SMEs, an AI-driven cash flow management tool, and real-time access to funding via our existing funding solutions. Account opening can be done entirely online, meaning no time-consuming branch visits, and our Customer Experience team will deliver the fast, responsive, and human service that is lacking from traditional banks.
I’m incredibly excited about the future of Lulalend and the positive impact we can have on South Africa’s SMEs, which as we know are so crucial to the nation’s economic development. With this additional capital available, and the support of our investors, we are now better placed than ever to deliver on our vision of driving financial inclusion and acting as a catalyst for growth across the SME sector.