PROJECT

Projects

Summary of Investment Information

Project Number

42350

Company Name

LULA LEND (PTY) LTD

Date SPI Disclosed

Apr 8, 2019

Country

South Africa

Region

Africa

Projected Board Date

May 10, 2019

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Jul 31, 2019

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Jun 5, 2019
Signed : Jun 19, 2019
Invested : Jul 29, 2019

Sector

Virtual lending, P2P, crowdfunding

Project Description

The proposed project is a US$2.8 million equity investment into Lulalend, an online uncollateralized MSME lending platform based in Cape Town, South Africa. Lulalend leverages technology to provide loans to banked but underserved businesses in South Africa. Lulalend’s customers are MSMEs with annual turnover ranges of $36K-3.5MM, from the retail, services, manufacturing, logistics and construction sectors. IFC’s investment will help increase access to finance for micro and small and medium enterprises (“MSMEs”) in South Africa.                                                     

Associated Advisory Engagement

                                           

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation