Finclusion Group, an African FinTech platform, has raised $20 million (R283) in an investment round led by Lendable, a prominent FinTech debt financing provider. Finclusion provides safe financial services by combining superior proprietary artificial intelligence (AI) algorithms with cutting-edge technology, all while retaining accurate automated credit determinations.
Finclusion will be able to expand its presence in East and South African markets as a result of this agreement, resulting in a long-term impact and increasing financial inclusion in hitherto underserved groups.
“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. Partnering with a reputable institution like Lendable is evidence of sustained growth all while maintaining strong portfolio quality throughout the pandemic. We are one step closer to being at the forefront of financial service technology in Africa,” Tamuka Mpofu, Finclusion Group CFO said.
Why The Investor Invested
“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,” said Lendable CEO Chris Wehbe.
. “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.”
A Look At What The Startup Does
Founded in 2019 by Timothy Nuy, Finclusion drives financial inclusion in Sub-Saharan Africa using AI powered and data driven lending.
The debt raise, according to Finclusion CEO Timothy Nuy, is further proof of the team’s commitment and hard work in developing a range of products and solutions that place the company at the forefront of fintech on the continent.
“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.”
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He claims that the company will continue to use its deep credit, risk, and technology expertise to help Africa achieve financial inclusion and prosperity.
Finclusion has a number of products that address Africa’s underserved markets by providing solutions that make financial services more accessible while also encouraging financial literacy and wellness.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer