African fintech startup Finclusion Group raises $20 million in funding for expansion in East & South Africa


African fintech platform Finclusion Group has secured US$20million in a funding round with leading fintech debt financing provider, Lendable to help it widen its reach in East and South African markets.

Finclusion CEO Timothy Nuy says that the debt raise is further confirmation of the passion and hard work displayed by the team in creating 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 says that the group will continue to leverage its deep credit, risk and technology expertise to drive financial inclusion and well-being in Africa. Finclusion boasts multiple products that address underserved markets in Africa by providing solutions that make financial services inclusive whilst also encouraging financial education and wellness.

Finclusion Group is enhancing financial inclusion in Africa by building transformative financial technology services focused on high-growth market segments, providing world-class customer experiences. Finclusion Group businesses leverage its credit, risk and technology expertise to grant financial services safely and easily using advanced, proprietary AI algorithms.

Finclusion Group’s current key focus areas are financial wellness, credit scoring and direct lending, operating through the brands Fractal Labs, smartadvance, niftycredit, niftycover, TrustGro and Click2Pay in South Africa, Eswatini, Kenya, Namibia and Tanzania.

“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,” says 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.”

Tamuka Mpofu, Finclusion Group CFO says that securing the funding is a notable milestone for the company. “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.”