Finclusion Group raises $20 million
Finclusion Group has secured $20 million in debt and equity funding from various investors in its latest capital raise. This successful capital raise comes on the back of a $20million funding round from Lendable, announced in September 2021.
Keen to continue its journey towards becoming Africa’s leading neobank, the funding will be used to fuel the company’s expansion into Mozambique and Uganda and to grow existing operations across Eswatini, Kenya, South Africa and Tanzania. The capital raised will also be earmarked for product expansion across their Buy Now Pay Later (BNPL) and wage streaming offerings.
Following the fundraising in September, the Group has recorded an uptick in monthly originations, with an increase of 140% over the last 18 months. The Group lent >$30m in 2021 and had revenues over >$10m. The Group expects to be able to double originations and revenues this year, and has built up an employer-partnership pipeline covering over 1m formally employed to underpin this growth.
“We are constantly working to add value to our rapidly growing customer base and this funding will only help us to do even more. Partnering with so many respected investors and reputable funds takes us even closer to being at the forefront of financial service technology in Africa.” – CEO Timothy Nuy.