SME Finance: From Survival to Scale with Trevor Gosling
In this episode, “SME Finance: From Survival to Scale with Trevor Gosling” of Talking Success, The Best FinTech Podcast, Darren Franks sat down with Trevor Gosling, Co-Founder and CEO at Lula.
When Trevor co-founded Lula (formerly LulaLend) a decade ago, South Africa’s small and medium-sized businesses had limited financing options. Traditional banks dominated the landscape, often leaving SMEs stuck in lengthy approval processes with little flexibility. Fast forward ten years, and Lula has become a cornerstone of SME finance, disbursing more than R10 billion in loans to over 25,000 businesses.
As Lula celebrates its 10th anniversary, Trevor joined Darren Franks to reflect on the journey so far, and more importantly, where the business is headed.
From Startup to Scale-Up: Still a FinTech at Heart
Even after ten years, Lula doesn’t see itself as a traditional bank. Instead, the company positions itself as a FinTech offering banking services – agile, data-driven, and laser-focused on SMEs. While the lines between “lender” and “bank” are increasingly blurred, Trevor emphasizes that Lula’s core mission hasn’t changed: making business finance more accessible.
Lula has steadily broadened its product set beyond loans. Payments, compliance tools, and value-added services are increasingly part of the offering, creating a stickier, more holistic platform for SMEs. “At what point do we become an SME bank?” Darren asked. Trevor’s response suggests that Lula is moving in that direction, but without losing its FinTech DNA.
The Changing SME Finance Landscape
When Lula started, SMEs had just one realistic option for credit: their bank. Today, the market looks very different. Alternative lenders, invoice discounting platforms, and factoring solutions have all entered the space, creating much-needed competition.
So how does Lula stay ahead? Trevor points to two differentiators:
Holistic Business View – Lula doesn’t just underwrite based on narrow financial metrics. The team looks at the broader health of a business, making decisions with a blend of automation and human interaction.
Customer-Centric Culture – In contrast to banks, where customers are often passed between departments, Lula emphasises direct, personal engagement. “Being able to pick up the phone and talk to someone makes all the difference,” Darren noted.
These touchpoints have helped Lula build trust in a market where reliability matters just as much as speed.
Data, Decisioning, and the Future of Credit Models
Over the past decade, access to SME financial data has improved dramatically. While South Africa doesn’t yet have a full open banking framework, Lula leverages available data to refine its credit decisioning. This has led to higher approval rates and better-tailored products.
Trevor highlighted how Lula’s credit model has evolved: more data sources, smarter risk assessment, and greater flexibility for businesses with inconsistent cash flows. For SMEs, this means more opportunities to secure the right type of funding at the right time.
Invoice Discounting: Opportunity or Risk?
One area of debate is whether Lula should expand into invoice discounting –allowing SMEs to unlock cash tied up in unpaid invoices. While Trevor acknowledged that this is a pain point for many businesses, he also noted the risk profile for lenders. Large corporates’ lengthy procurement processes often leave SMEs waiting months for payment, creating liquidity challenges.
Lula hasn’t ruled out offering invoice financing, but any move would be carefully modelled. The company’s strength lies in balancing innovative solutions with risk management.
People, Culture, and the Human Element
Beyond the numbers, Lula’s success is built on culture. Over 10 years, the company has managed to scale while retaining a startup mindset: fast, innovative, and human.
For Trevor, culture means keeping customer service simple, accessible, and authentic. Automation powers much of Lula’s efficiency, but when a client needs clarity, they can speak to a real person- something rare in banking today.
Darren, reflecting on his own experience with Lula, praised this approach: “You’re not shoved from department to department, it’s smooth, and it works.”
A Decade of Impact – and What Comes Next
Reaching the 10-year milestone is no small feat in the volatile world of FinTech. Many startups never make it past year three, yet Lula has not only survived but thrived. Internally, the company marked the anniversary with a celebration and a report that reflects on its journey so far.
But Trevor is clear: Lula’s mission is far from complete. SMEs remain underfunded in South Africa, and the market opportunity is vast. While international expansion could be on the horizon, Lula’s immediate focus remains domestic—deepening its footprint and expanding its product offering for local SMEs.
Looking Ahead: The Next Chapter
So, what does the future hold for Lula? Trevor sees three priorities:
Expanding Financial Products – From payments to compliance solutions, Lula aims to become a one-stop shop for SMEs.
Strengthening Data Models – Continued improvements in credit decisioning will help more businesses access funding.
Sustaining Culture – As Lula grows, maintaining the personal touch will be key to differentiation.
At its core, Lula remains mission-driven: helping South Africa’s entrepreneurs access the capital they need to grow.
Ten years on, Lula is proof that FinTechs can scale sustainably while keeping customer needs at the centre. By blending technology with a human approach, Trevor and his team have created more than just a lender; they’ve built a trusted partner for SMEs.
As the next decade begins, Lula’s role in shaping South Africa’s SME ecosystem looks set to expand even further.
FAQ's
Lula is a South African FinTech company focused on providing financial solutions to small and medium-sized enterprises (SMEs). The business offers accessible funding, banking services, and tools that help SMEs manage cash flow and grow.
Lula was founded in 2014 (originally as LulaLend) and celebrated its 10th anniversary in 2024. Over the past decade, the company has disbursed more than R10 billion in funding to over 25,000 SMEs across South Africa.
Lula provides a suite of financial products designed for SMEs, including:
Business loans and credit facilities
SME banking services (such as payments and compliance tools)
Access to working capital to smooth cash flow
The company continues to expand its offering to give SMEs a more complete financial toolkit.
Lula is not a traditional bank. It is a FinTech platform offering banking services, combining technology-driven automation with customer support. While it shares similarities with challenger or neo-banks, its core focus remains SME lending and financial enablement.
Unlike traditional banks, Lula uses data-driven credit models to assess businesses more holistically. This often means faster approval times, higher accessibility, and decisions based on a broader view of the business, not just rigid financial history. SMEs can typically access funding in days rather than weeks or months.