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SA’s Lulalend launches new business payments platform, Lulapay

South African fintech startup, Lulalend has launched a new payments platform designed to radically improve the speed and ease with which SMMEs get paid by their customers.

Founded in 2014 by Trevor Gosling and Neil Welman, Lulalend utilises proprietary credit scoring technology to enable it to provide quick decisions, fast funding, and transparent pricing to SMEs.

The startup, which last June raised Series A funding of US$6.5 million to help it scale, has now launched Lulapay, which has been designed to help SMEs get their invoices paid faster, and as a result more effectively manage their cash flow.

With Lulapay, businesses selling to other businesses will receive immediate payment for invoices issued, while still being able to offer their customers payment terms of up to 90 days. The platform makes use of bespoke AI-driven technology to simplify and speed up the process of getting paid, without putting strain on customer relationships.

Suppliers will now receive immediate payment for invoices directly from Lulalend, with Lulapay facilitating this at no cost to the seller. Lulapay will offer the customer up to 90 days to pay off the invoice amount, and if the buyer is able to settle in full within the first 30 days, they will not be charged any fees.

South Africa In Focus:

Population - 59.6 million (Compared to Nigeria's 206.6 million)

GDP: $369.85 billion (Compared to Nigeria's $504.57 billion)

GDP Per Capita: $6,193 (Compared to Nigeria's $2,465)