Finclusion Group,a South African fintech startup, has secured undisclosed funding from Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa.
Finclusion will use this investment to continue creating an accountable ecosystem where African people and organizations can seek to bridge near-systemic wealth gaps and access the financial solutions they need to meet their myriad objectives.
“Our mission is to invest and support incredible founders building digital solutions to solve essential problems. That is exactly why we decided to invest in Finclusion Group, an organization which delivers compelling solutions to underserved consumers who have historically held little or no access to credit. This represents the fund’s second investment in Africa outside of Egypt and our third Fintech investment so far,” stated Aly El Shalakany, Chief Executive Officer (CEO), Cairo Angels Syndicate Fund.
Finclusion Group provides earned-wage access, BNPL and a direct credit offering, with a presence in South Africa, Eswatini and Namibia in Southern Africa and Kenya and Tanzania in East Africa. The Finclusion Group team is passionate about building products that help to make financial tools easily accessible for people throughout the African continent. By leveraging seasoned risk, credit and technology expertise, Finclusion Group aims to drive financial wellness and financial inclusion in Africa and, in doing so, build the first truly pan-African neobank.
Financial inclusion is positioned prominently as an enabler of other developmental ambitions within the United Nations’ (U.N.) long-established 2030 Sustainable Development Goals (SDGs). However, economic inclusivity and access to capital remain outside of millions of Africans’ reach; the continent, home to the world’s largest collective marketplace, today still lags behind other continents in hosting the ability to provide access to safe, efficient, sustainable and 2022-era financial services for all.
“Finclusion is exceptionally pleased to have secured this investment from the Cairo Angels Syndicate Fund. Being the CASF’s second investment recipient outside of Egypt, in our view, speaks volumes as to the progress we have made recently“We look forward to working with the CASF to continue building Africa’s favourite neobank”, he concluded.