The innovative new lender making business finance easy in South Africa
“It’s more than a company,” begins Trevor Gosling, CEO and founder of innovative new business lender, Lulalend.
“It’s a belief in the power of small business, of making a difference, building a better solution and striving for excellence. We understand how important SMEs are for South Africa and its future – they play a critical role in job creation and economic growth. It’s a significant, positive impact we want to support.”
Gosling – a Chartered Accountant and successful entrepreneur with international investment banking experience – formed the innovative fintech company with Neil Welman (CTO), a chemical engineer who also pursued investment banking for a decade.
“We work hard to empower businesses across South Africa with the funds they need to grow,” emphasises Gosling, “and we have a great time doing it!”
Lulalend was founded with a simple aim: take the stress out of the funding process for SMEs in South Africa, and acting as genuine partners in growth.
While other alternative lenders exist, Lulalend adopts a uniquely tech-first approach, notes Gosling. By leveraging the power of data and proprietary machine learning technology, Lulalend smooths and speeds up the funding process for lenders. It also requires no collateral from borrowers.
“We understand the funding challenges SMEs in South Africa face, and we wanted to change the system,” says Gosling.
“Traditionally, business owners who need funds turn to their banks. But, due to the analogue processes and antiquated risk scoring models involved, this process simply doesn’t function in the way it should. Namely: assisting businesses when they need it, as well as helping them grow over time.”
With Lulalend, it can take as little as three minutes to complete an online application end to end, explains Gosling.
“We ask for only basic personal and business info that should be very easy for any business owner to provide, and we require no collateral.”
After an application is made, Lulalend will provide an immediate automated response on the outcome of the application and funds can be made available within 24 hours.
Lulalend’s average loan size is currently around R150 000. But its maximum loan size is ten times that: R1.5 million.
“At Lulalend, we’re focused on using technology and data to give South African business owners a far better experience than traditional lenders can,” says Gosling.
“It’s about empowering our customers by offering a simple and transparent lending and repayment process they can trust. But more than that, it’s about our belief system. We’re ‘friends in funding’ for South African businesses. We want to open up the lending space and help grow SMEs in South Africa. We believe in truly partnering with businesses and supporting their growth. It’s a completely new paradigm for borrowers.”
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