SOUTH AFRICA – Finclusion Group, an African FinTech platform, has raised US$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.
“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,” Tamuka Mpofu, Finclusion Group CFO said.
“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.”
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.
“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.”
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,” he added.
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.
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