Nigeria’s BFree has secured fresh capital to expand its unconventional approach to one of Africa’s most persistent financial problems: the mountain of non-performing loans sitting on bank balance sheets with nowhere to go.
The Lagos-headquartered ethical debt recovery startup has secured a $3 million debt investment from the Verdant Capital Hybrid Fund, the Johannesburg-based private equity vehicle focused on inclusive finance across emerging markets. The funding will enable BFree to purchase and restructure distressed loan…