This archive report was first published on 16 September 2021.
On September 16, 2021, Finclusion Group, an African fintech platform, secured $20 million in a funding round led by debt financing provider Lendable.
Founded in 2019, Finclusion focuses on AI-driven fintech solutions for financial services and credit products, aiming to promote financial wellness and inclusion across the African continent.
The platform boasts an eight-brand portfolio, serving 240,000 customers across five countries, including SmartAdvance, TrustGro, Fractal Labs, Niftycover, Niftycredit, Click2Pay, HelloHR, and GetBucks.
According to Finclusion CEO Timothy Nuy, the funding will enable the company to scale its customer base rapidly through new key distribution partnerships.
Finclusion's CFO, Tamuka Mpofu, praised the team's dedication and focus, highlighting the significance of the funding for the business and its customers.
Thanks to the partnership with Lendable, Finclusion will be able to expand into East and South African markets, furthering its mission to improve financial wellness and inclusion.
Lendable CEO Chris Wehbe expressed enthusiasm for partnering with Finclusion, citing the company's commitment to enhancing its customers' financial situations.
