10 Years of fueling growth: How Lula is powering the future of SMEs

As Lula celebrates its 10-year milestone, they’re doubling down on what they call ‘business-class banking’, treating every business owner like the entrepreneur they are.

A decade ago, two guys in Cape Town had a radical idea: What if businesses didn’t have to beg banks for months to get working capital?

Fast forward to 2025, and that idea has become Lula – the fintech that’s flipped South Africa’s SME funding game on its head.

The ‘eureka’ moment that changed everything

Back in 2014, Trevor Gosling and Neil Welman watched countless small business owners jump through endless hoops to access basic funding. The process was slow, frustrating and frankly, a bit soul-crushing.

“We knew there had to be a better way,” Co-Founder and CEO Gosling says as he reflects on Lula’s early days. “SMEs were getting the runaround while their business opportunities were slipping away.”

So, they built something that had never existed in South Africa before: a fully automated lending platform that could approve business funding within as little as 24 hours.

From rebel startup to industry game-changer

What started as South Africa’s first alternative lender has evolved into something much bigger. Lula didn’t just want to give out funding faster – they wanted to completely reimagine how businesses manage their money.

The company launched its banking platform and mobile app, making it a reliable solution and comprehensive business partner.

“We don’t just build for our customers, we build with them,” Clinton Thomas, Head of Product, emphasises. “Every feature comes from real conversations with real business owners.”

Watch Lula's 10th birthday video below:

The numbers that matter

The numbers tell an inspiring story: 25,000 SMEs have found their funding partner in Lula, with R10 billion disbursed to power South African business growth.

More importantly? They’ve helped “normalise alternative lending” in a market that was previously dominated by traditional banks with traditional timelines.

The plot twist: it’s not about the money

Here’s where Lula’s story gets interesting. After 10 years of success, they’ve discovered something surprising: their biggest achievement isn’t the funding they’ve provided, it’s how they’ve changed customer expectations across the entire industry.

“We’ve raised the bar,” notes Co-Founder and CEO, Trevor Gosling. “SME owners now expect business-class service, and that’s exactly how it should be.”

What’s next for the SME superhero?

As Lula celebrates its 10-year milestone, they’re doubling down on what they call “business-class banking”, treating every small business owner like the entrepreneur they are.

Their mission for the next decade? To be the number 1 bank for successful SMEs in South Africa, making fast, fair, and service-driven business banking the standard across the country, not the exception.

For thousands of SME owners who’ve experienced Lula’s business class banking and funding, that future can’t come soon enough.

This article was sponsored by Lula and produced by Media24 Advertising and Content Marketing for News24.