BFREE

What they do:

BFREE is an ethical credit manager in Africa that helps banks recycle non-performing loans into healthy assets. With their AI and ML-based credit collection process, BFREE collects up to 70% more than legacy collection approaches while automating 92% of all collection activities. BFREE has worked with over 40 financial institutions across Africa and either operates as a service provider or acquires distressed assets strongly discounted. BFREE has so far processed over four million borrowers in default with a combined portfolio value of over 400 million USD.

Why we invested:

In Nigeria, digital lenders give at least 50,000 unsecured personal loans per day, out of these 50,000 loans per day, the default rate sits at 12% which means that over a period of one-year, digital lenders will report 2.4M Nigerians to the Credit Bureaus and make them financially excluded. The current traditional methods of recovering debt in Nigeria criminalises the borrower and is generally a negative UX for the client if they do not repay in time. BFree uses a scalable, AI-driven automated process to segment customers and pick the most optimal collection approach, which increases the ROI on the NPLs.

Founding Team:

Julian Flosbach is Co-Founder and CEO of BFREE. Prior to co-founding BFREE, Julian was the Managing Director of FairMoney, one of Nigeria's leading digital lenders. Julian started his career in investment banking and consulting with Rautenberg & Company and Private Equity with DEG - German Investment Corporation. Julian holds a Masters degree in business studies from the Frankfurt School of Finance and Management and an undergraduate degree from the Technical University of Cologne.

Chukwdiebele Enyi is Co-Founder and COO of BFREE. Before co-founding BFREE Chukwudi was Head of Marketing and Growth at FairMoney one of Nigeria’s leading digital lenders. Also, he was Head of  Marketing at OPay for 2 years spearheading the start and growth of the agent acquisition campaigns and operations across Nigeria. Chukwudi started his career at one of Nigeria’s fast-growing Marketing agencies as Project Head and later Senior Account Manager, responsible for key accounts and campaigns across the country and industries. He holds a degree in Philosophy from the University of Lagos.

Moses Nmor is the Co-Founder and CPO of BFREE. A Lover of digital products, how they are made and how they should be Sold/Marketed. With about six years of experience in Product Development/Management, Market Research, Sales, Business Forecasting, Client Servicing, Telemarketing, Relationship Building, and Management. Moses started his tech career with Database Management, Network Management and call center system installations then moved into support and sales then now Product Management for BFREE. Moses has worked in tech-enabled businesses like Hotels.ng, OPay, Fairmoney and Kudi in different capacities prior to joining the founding team of BFREE

Active in:

Nigeria