This fintech is persuading wealthy Africans to turn idle cash into loans for startups
- B54, a Lagos-based business-lending fintech, is giving startups struggling to raise growth-stage venture capital an alternative.
- The B2B fintech aggregates idle cash from financial institutions and wealthy Africans and lends it to fast-growing businesses in West Africa that need working capital.
- In Africa, about 26% of 2022’s record venture funding haul ($1.7 billion of $6.5 billion) was in the form of venture debt.
B54 is addressing the funding gap for startups in Africa by providing an alternative source of capital through its lending platform. The company's approach of aggregating idle cash from financial institutions and wealthy individuals allows it to offer working capital to growth-stage companies and SMEs. This innovative solution has the potential to support the growth and development of businesses in the region.
