Lulalend, a startup founded in 2014, will partner with Nigerian lender Access Bank to establish Lula.
Lulalend will unveil South Africa’s newest digital banking platform, Lula.
The neobank will offer a bespoke suite of products that address the challenges faced by small and medium-sized enterprises in managing their finances.
The global digital banking market size was valued at $803 billion in 2019 and is projected to reach $1.6 trillion by 2027.
While SMEs are one of the largest contributors to private employment in South Africa, a significant proportion of these businesses remain unbanked or under-serviced by traditional lenders with limited access to credit.
The $35 million was raised through Series B equity funding led by Lightrock LLP, the German development finance institution and the International Finance Corporation.