Trevor Gosling and Neil Welman started Lulalend in 2014. It uses its credit assessment technology to give small and medium-sized businesses (SMEs) quick options, fast financing, and clear pricing.
Lulalend is a company that gives out loans online. Small and medium-sized businesses can get short-term loans through the company’s online application process and its credit criteria.
It is the organization that developed a digital lending platform to reduce the amount of stress associated with obtaining a loan by making the process of applying for one simpler.
The company’s platform makes it possible for small business owners to get the money they need to grow their operations. It does this by using technology and a unique algorithm to look at applications and give money.
LulaLend is more than simply a company because it has trust in the capabilities of its employees to make a difference in the world, provide a superior product, and strive for the highest possible standards.
They put in a lot of hard hours to guarantee that South African companies may get the financing necessary for their expansion.
Lulalend is also a financial technology company that believes in the potential of local businesses, wants to make a difference, makes better solutions, and is always trying to get better.
How it Works
Online Application
You can apply online in just a few minutes. All you have to do is give some basic information about yourself and your business, as well as how much money you need.
You may complete the process by either attaching your most current bank statements or linking your online banking account.
Response From Lulalend
With the help of Lulalend’s scoring algorithm, which looks at how well your business is doing in real-time, you can get the best financing possible.
You won’t have to wait long to obtain an answer, at which point you may pick whether to invest or spend the money.
Receive Funds
The money should be in your account by the end of the next business day at the latest. You can pay off your loan in 6 or 12 monthly payments at standard rates, or you can pay it off early for a discount.
Their fees are clear and easy to understand, so you can plan to pay them back with confidence.
Founders
Trevor Gosling
Trevor Gosling helped start Lulalend and is now its CEO.
Trevor is a Chartered Accountant, so he knows a lot about business. In 2013, the Naspers group bought his most recent e-commerce company, 5ounces. After the company was bought out, he kept his job as CEO.
He began his career in the financial sector with Goldman Sachs as an international investment banker, before he moved on to other roles.
In addition to that, he has a background working in intricate finance for Rand Merchant Bank in the past.
Trevor Gosling went to school at the University of Pretoria.
Neil Welman
Neil Welman is the Chief Technology Officer and a co-founder at Lulalend.
Neil has been working as an Investment Banker in London for over ten years. He uses his training as a Chemical Engineer in this job.
His areas of expertise are credit risk and derivatives risk, as well as the quick development of new ways to use them.
Some of the banks that he has worked with in the past are Merrill Lynch/Bank of America, Royal Bank of Scotland, and Lloyds TSB.
Additionally, he used to work at Barclays Capital as both a programmer and a credit risk analyst.
Neil Welman went to school at the University of the Witwatersrand.
Investors & Funding Rounds
IFC and Quona Capital, with participation from Accion Venture Lab and Newid Capital
Lulalend has received US$6.5 million in Series A investment to help it grow.
IFC and Quona Capital joined Accion Venture Lab and Newid Capital, which had already invested in the company, to lead this latest round of funding for the venture, which was worth a total of US$6.5 million.
Lulalend plans to use the new money to grow its business and help small businesses in South Africa get the money they need.
IFC’s work with Lulalend is part of a larger effort to make it easier for small businesses to grow and for more people to get access to money.
Main Competitors
Azimo: This is an online money transfer service that competes with traditional services on the high street by being faster, safer, and cheaper.
Prospa: It is an Australian company that helps other local businesses get loans online.
Kinara Capital: It gives small business owners loans with good terms and no collateral so they can get their businesses off the ground.
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