Fresh from securing $20 million funding from Lendable in September 2021, Finclusion Group announced that it has secured another US$20million in debt & equity funding from various prominent investors.
This funding round includes investors Andela and Flutterwave co-founder Iyin Aboyeji (who invested via his VC firm Future Africa), LendInvest founder Christian Faes and ComplyAdvantage founder Charlie Delingpole.
Others include Amandine Lobelle, Jai Mahtani, Sudeep Ramnani, Jonathan Doerr, Richard Aseme (RCA Ventures), Klemens Hallmann, among others. They join the likes of Manuel Koser, Alexander Schuetz and Christian Angermayer, Leo Stiegeler, investors in the company’s previous round.
To continue its journey towards becoming Africa’s leading neobank, Finclusion Group states that the funding will be used to expand into Mozambique and Uganda and to grow existing operations across Eswatini, Kenya, South Africa and Tanzania. The capital raised will also be earmarked for product expansion across their Buy Now Pay Later (BNPL) and wage streaming offerings.
Following the fundraising in September, the Group claims it has recorded an uptick in monthly originations, with an increase of 140% over the last 18 months. The Group also says that it has lent >$30m in 2021 and had revenues over >$10m. The Group expects to be able to double originations and revenues this year, and has built up an employer-partnership pipeline covering over 1m formally employed to underpin this growth.
According to Finclusion CEO Timothy Nuy, “We are constantly working to add value to our rapidly growing customer base and this funding will only help us to do even more. Partnering with so many respected investors and reputable funds takes us even closer to being at the forefront of financial service technology in Africa.”
Finclusion Group is an African-focused fintech platform building out a full neobank offering for its users. Today, Finclusion Group has earned-wage access, BNPL and direct credit offering with a presence in South Africa, Eswatini & Namibia in Southern Africa and Kenya & Tanzania in East Africa.
