Symbiotics Investments has arranged the first USD 4.7 million Social Bond for Lulalend.
Lulalend, founded in 2015, fills the funding gap in South Africa for social and medium-sized enterprises (“SME”) by providing them with quick and customised access to finance. Lulalend offers a selection of suitably adaptable finance packages, that fit the needs of its clients. With the issuing of this Social Bond, Lulalend displays its ability to align with the internationally acknowledged Foreign Capital Market Association Social Bond Principles “ICMA SBP”, improving the interest of international financiers.
“We are thrilled to issue this first Social Bond for Lulalend in South Africa. By supporting Lulalend, a leading actor in the SME lending in South Africa, Symbiotics Investments fosters employment generation in the country, alleviating unemployment and promoting sustainable development.”, said Duncan Frayne, Symbiotics Investments Regional Director, Sub-Saharan Africa.
“At Lulalend our mission is to empower every SME in South Africa to succeed. By doing so we’ll help accelerate economic and social development for all South Africans. This Social Bond from our long term partner — Symbiotics Investments — will enable us to provide more working capital to more small businesses, which is essential for their growth and ultimate success.”, stated Trevor Gosling, Lulalend CEO.
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This Social Bond is issued through Symbiotics’ bond issuing platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainable Bond Framework, which was certified by DNV GL in December 2019 and November 2021. The bond is listed on the Luxembourg Stock Exchange’s Securities Official List and is featured in the Social Bond section.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.