African fintech platform Finclusion Group secures $20 million in funding

African fintech platform Finclusion Group secures $20 million in funding




African fintech platform Finclusion Group secures $20 million in funding

African fintech platform Finclusion Group has secured $20 million in a funding round with debt financing provider, Lendable.

Announced on 14 September, the company said the funding is a notable milestone for it.

The partnership with Lendable will allow Finclusion to expand into East and South African markets.

“The opportunities to scale across our portfolio are now endless, and we’re proud to say that we’ve already secured a number of new key distribution partnerships that will scale our customer base rapidly,” Finclusion CEO, Timothy Nuy, said in a statement.

“The team that worked on making this raise happen has been incredibly focused and inherently aware of what funding like this means to our business, and more importantly – our customers,” CFO Tamuka Mpofu said.

Finclusion Group uses AI to offer financial services

Founded in 2019, Finclusion specialises in AI-driven fintech solutions to offer financial services and credit products. It aims to promote financial wellness and inclusion on the African continent.

The platform boasts a company portfolio of eight brands that service 240 000 customers across five countries.

The eight brands include SmartAdvance, TrustGro, Fractal Labs, Niftycover, Niftycredit, Click2Pay, HelloHR, and GetBucks.

The partnership with Lendable will allow Finclusion to expand into East and South African markets.

“We are very happy to be partnering with the team at Finclusion and are always excited by the prospect of partners whose core function serves to better the financial situation and means of their customers,” Lendable CEO, Chris Wehbe said.

“We’re looking forward to seeing the Finclusion Group reach even more customers across Africa with our funding driving further financial wellness and inclusion – both of which are a core focus for Lendable.”

Read more: Winners of Inaugural AYuTe Africa Challenge secure $1.5-million

Read more: African global business services sector to grow to $19.8 billion by 2023 – research

Featured image: rupixen.com via Unsplash

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