Lulalend will unveil South Africa’s newest digital bank, Lula, by March after it secured $35 million to expand its business.
Lulalend, a startup founded in 2014, will partner with Nigerian lender Access Bank to establish Lula.
“The support that business owners get through existing banks is not at the level that it should be, and that’s our core focus,” Trevor Gosling, chief executive officer of Lulalend said in an interview on Tuesday. The global digital banking market size was valued at $803 billion in 2019 and is projected to reach $1.6 trillion by 2027, according to a report published by Financial Sector Conduct Authority.
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