Finclusion Group, an African fintech platform, has raised $20 million (R283) in a funding round led by Lendable, a FinTech debt financing provider. Finclusion uses superior proprietary artificial intelligence (AI) algorithms and cutting-edge technology to provide secure financial services while retaining accurate automated credit decisions. They will be able to increase their reach in East and South African markets as a result of this relationship, boosting financial inclusion and maintaining impacts in underserved sectors.
Founded in 2019 by Timothy Nuy, they proudly boast an impressive portfolio of eight businesses that serve over 240,000 clients in five countries. SmartAdvance, TrustGro, Fractal Labs, Niftycover, Niftycredit, Click2Pay, HelloHR, and GetBucks are among these brands.
Timothy Nyu, CEO of Finclusion, said in a statement:
“The opportunities to scale across our portfolio are now endless, and we’re proud to say that we’ve already secured several new key distribution partnerships that will scale our customer base rapidly.” He also further expressed his joy saying that the raise is additional proof of the dedication and hard work of the team in building a range of solutions and products that puts the company at the forefront of fintech on the African continent.
Tamuka Mpofu, Finclusion Group CFO also said in his 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. 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.”
Expressing his excitement on this partnership, Chris Wehbe, CEO of Lendable said:
“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.”
“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.”
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