Lulalend
“Can a South African SME lender become the financial OS — funding plus banking plus embedded credit — for the country's underbanked small businesses?”
Founded2014
HQCape Town, South Africa
FoundersTrevor Gosling, Neil Welman
Total raised$41.5M+ disclosed
Latest roundSeries B, 2023
IndustryFintech / Lending
The story
Founded 2014 as Lulalend, a digital lender originating short-term working capital loans to South African SMEs underserved by traditional banks. After the $35M Series B in 2023, the company rebranded to Lula and signaled a strategic shift from pure lender to a full SME financial platform — adding a banking product, a B2B BNPL facility (Lulapay) and embedded credit distributed through partners like Peach Payments. The bet is that owning the SME's funding relationship gives Lula the right to own their banking and payments stack too.
Last 12 months
Product timeline
2014
Founded as Lulalend in Cape Town, offering short-term working capital loans to SMEs· lending
2019
Raised $6.5M Series A to scale loan book and tech team· lending
2023
Raised $35M Series B; announced plans to launch banking product for SMEs· banking
2023
Rebranded from Lulalend to Lula, expanding beyond lending into a broader SME financial platform· pivot
2024
Launched Lulapay (B2B BNPL / trade capital) and partnership with Peach Payments to offer merchant cash advances· lending
Regulated entities
Registered Credit Provider (South Africa)
South Africa (NCR) · 2014
Lula Lend (Pty) Ltd
The stack
Payments / PSP
Lending
Lula Lend (Pty) Ltd (in-house)Cash Flow Facility (revolving working capital up to R5M)Fixed-Term Funding (3/6/9/12-month term loans)Lulapay (B2B Buy Now Pay Later / Trade Capital, up to 6 months)Business Cash Advance (via Peach Payments distribution)Invoice FinanceBridging FinanceEquipment FinancePurchase Order FundingInventory FinanceRefinancing
Accounting gap: significant