In a context where access to financing remains a major challenge for small and medium-sized enterprises (SMEs) in South Africa, a local fintech is offering a digital alternative to support their cash flow.

Lulalend, a fintech solution developed by a South African startup, provides small and medium-sized enterprises (SMEs) rapid access to credit lines up to 5 million rand, approximately $280,000, within 24 hours. 

Founded in 2014 by Neil Welman and Trevor Gosling, the startup raised $35 million, in 2023, to support its expansion. At the time, co-founder Trevor Gosling stated, "We had more time to think about how to engage with our customers and understand their needs and problems and eventually realized that access to credit is just one of the big parts we can be doing for our businesses." He added, "So we went down the road of building our digital bank. Also, we know businesses need cash flow management and so we've broadened our horizon from just access to funding to how we solve end-to-end cash flow."

Lulalend's mobile application, available on both iOS and Android, has been downloaded over a thousand times, according to the Play Store. After creating an account, the platform uses algorithm-based assessments of a business's financial data to determine credit eligibility. This model helps SMEs monitor their cash flow, anticipate financing needs, and focus on growth.

The startup claims to have several thousand active clients across South Africa, operating in sectors such as retail, services, and others.

Written in French by Adoni Conrad Quenum,

Translated and adapted into English by Mouka Mezonlin