South Africa's first online provider of business funding, Lulalend has announced it's secured Series A Round financing of nearly R100 million.
Chief executive officer Trevor Gosling talks to CapeTalk's Kieno Kammies about what this means for the company and for local small and medium-sized enterprises (SMEs).
We're going to be investing a lot into marketing campaigns, but also continued investment into our technology.— Trevor Gosling, CEO - Lulalend
A large part of that also goes into strengthening our balance sheet so that we can raise big transfers of debt capital - we're looking to raise about R500m worth of debt capital off the back of that, which we are going to be able to pour into the local SME ecosystem to help businesses grow.— Trevor Gosling, CEO - Lulalend
Gosling says the potential for the market is huge and LulaLend wants to become the leading SME lender for businesses in South Africa.
Listen to the conversation below: