Bfree, a credit management fintech, has raised $1.7m in a pre-Series A round to embark on expansion in emerging markets.
The company said it had so far raised $2.5m, having raised $800,000 in a seed round in May, 2021.
According to TechCrunch, Bfree is on a massive recruitment drive in 16 new markets, including in Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan, and Indonesia.
According to the report, the company uses ethical debt collection standards and works closely with defaulters for tailor-made settlement options, in the hope of increasing repayment rate and customer satisfaction.
It said it was currently working with 30 credit institutions, including digital lenders, micro-finance institutions and banks.
“Customer data provided by the lenders are use to build a user profile for defaulters, and ran their data through an algorithm to predict their behaviour and recommend the best collection method”.
It added that it had followed up with 1.1 million defaulters to date, with about 800,000 customers.