SA SME funding platform Lula secures R340m
The funding is expected to increase lending to businesses that struggle to access traditional bank finance due to limited collateral, thin credit records or uneven cash flow. Lula provides working capital through a technology-driven lending platform focused on faster credit decisions and shorter-term funding needs.
The deal follows a period of capital raising and growth for the fintech. In 2023, Lula closed a $35m Series B funding round led by Lightrock, with participation from the International Finance Corporation (IFC), Quona Capital, DEG and Triodos Investment Management. In late 2025, the company also secured a $10m local-currency loan from the IFC to strengthen its lending capacity.
Trevor Gosling, co-founder and CEO of Lula, said access to capital remains a major constraint for small businesses and that receiving funding in rand reduces exchange rate risk. He said the additional capital would support the company’s plans to scale lending to more entrepreneurs over the next three years.
Angelica Ortiz de Haas, Africa manager for financial institutions at FMO, said the investment aligns with FMO’s strategy to support fintechs that improve financial inclusion. She said local currency financing helps lenders extend funding to small businesses that form a key part of South Africa’s economy.
FMO’s investment is positioned as part of a broader push to support locally focused fintech lenders and strengthen competition and resilience in the SME funding market. Lula expects the partnership to enable it to increase support for thousands of SMEs over the medium term.