Finclusion Group closes $20,000,000 in equity and debt pre-Series B financing

Finclusion aims to increase financial inclusion in market segments that are traditionally underserved on the African continent. The current focus is on eastern and southern Africa.

Timothy Nuy CEO Finclusion Group

Finclusion Group, a sub-Saharan-focused financial institution driving force, has raised $20,000,000 in equity and debt pre-Series-A financing.

Finclusion will develop credit-driven neobank offerings on the continent by using AI algorithms to offer financial services to African customers through a range of credit-centric products.

Notable investors included AndelaFlutterwave founder Iyin Aboyeji, who made investments via Future Africa founder Christian Faes, LendInvest founder Charlie Delingpole and ComplyAdvantage founder Charlie Delingpole.

Amandine Lobelle and Sudeep Ramnani, Jai Mahtani and Sudeep Ramnani joined existing investors like Alexander Schuetz, Manuel Koser, Christian Angermayer, Klemens Hallmann, as well as Leo Stiegeler who participated in Finclusion’s previous round.

The larger portion of the pre-Series A round’s debt financing was used to invest in local currency funds in Eswatini, South Africa.

Finclusion aims to strengthen existing operations in South Africa and Eswatini as well as in Namibia, Kenya, Namibia, Tanzania, and Tanzania. It also plans to expand into new markets such Mozambique, Uganda, and Tanzania. The company aims to expand its financial inclusion efforts in market segments that are traditionally underserved on the African continent. The current focus is on southern and east Africa.

Finclusion has created consumer-facing credit products in order to close credit gaps in the countries it operates. It has already disbursed more than $300,000,000 worth loans to over 240,000 clients.

Finclusion raised its debt capital through Lendable in September 2017. Since then, the fintech has seen a rise in monthly disbursements. This is an increase of 140% over the past 18 months. The company’s loan portfolio grew by 30% between December 2020 and December 2021.

Finclusion has developed an insurance product, and plans to offer savings products and cards through a merchant network.

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