South Africa’s Lula to embrace banking for small businesses

South Africa’s leading fintech, Lula, is taking a giant leap forward in its mission to support SMEs. Following its recent rebranding from Lulalend, Lula is now offering an array of first-to-market services poised to redefine the SME banking landscape.

Lula’s innovative approach to banking is designed to meet the unique needs of SMEs. “We believe in the power of SMEs as the engine of the South African economy. Our new services are tailored to support these businesses in a way that traditional banking has not,” says Trevor Gosling, Lula’s Co-founder, and CEO.

“We’ve reinvented how a business bank account can support business owners, offering them a platform where they can manage all of their business finances from one place, via an account that can be opened online within minutes,” he adds.

Customers who opt for Lula can choose between a Free or an Unlimited business bank account. Trevor suggests that the free business bank account is an ideal choice for smaller, earlier-stage businesses with zero monthly fees.

The platform also offers built-in features designed for comprehensive financial management. The pay-as-you-transact model, coupled with the ability to link several bank or management accounts, make it a fitting option for SMEs that want flexibility and support in managing their overall finances.

Additionally, the unlimited business bank account offers additional value to businesses with larger-scale operations, like the ability to make an unlimited amount of free EFT transactions for a fixed monthly fee.

Fast and easy access to business funding, for SMEs of all sizes, is also available with either account option. Lula offers a unique Revolving Capital Facility, providing businesses with the flexibility to withdraw funds up to an agreed limit as and when needed, without having to reapply each time.

Get peace of mind with the 24-hour accessible Revolving Capital Facility, ensuring instant cash flow support for business owners.

Willem Haarhoff, Chief Executive Officer at DoughGetters, a globally active accounting firm, says that “Lula’s innovative banking approach has streamlined our financial operations, which in turn is propelling our growth and productivity. It truly is a blend of data-driven decision-making and financial control at our fingertips and the sign-up process was super easy and efficient. Well done, Lula.”

Lula offers beyond banking: a financial partner empowering businesses with tools and swift capital access for effective financial management.

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