News
Lula secures $21 million in local currency funding from FMO
South African business lender Lula, formerly Lulalend, has received ZAR340 million, about $21 million, from Dutch development bank FMO to reach more small businesses.
By Propel Africa · 2026-02-06
Lula, the South African business funding provider, has received ZAR340 million, about $21 million, from FMO, Disrupt Africa reported on 6 February. FMO is a Dutch entrepreneurial development bank, and the investment is denominated in local currency.
What Lula does
Lula, formerly known as Lulalend, is an online and automated provider of business funding. It uses proprietary artificial intelligence to help business owners manage cash flow. Its offering includes instant access to funding, all-in-one business bank accounts and financial analysis tools, and it has also moved into neobanking. Trevor Gosling and Neil Welman founded the company in 2014.
Why local currency matters
The capital is meant to reach thousands of additional entrepreneurs over three years, with a focus on micro, small and medium enterprises. The company says funding in rand is intended to keep lending rates stable and predictable for customers. Gosling said: "Receiving this capital in local currency is a critical enabler."
Previous funding
Lula's previous round was a $35 million Series B in 2023, the same year the company rebranded from Lulalend.
At a glance
- Company: Lula (formerly Lulalend)
- Raised: ZAR340 million (about $21 million)
- Investor: FMO
- Founded: 2014
- Markets: South Africa
- Focus: Micro, small and medium enterprises
- Currency: South African rand
- Previous round: $35 million Series B in 2023