Finclusion Group has secured US$20million in debt & equity funding from various prominent investors in its latest capital raise.
Investors in the round include Andela and Flutterwave co-founder Iyin Aboyeji (who invested via his VC firm Future Africa), LendInvest founder Christian Faes and ComplyAdvantage founder Charlie Delingpole.
Others include Amandine Lobelle, Jai Mahtani, Sudeep Ramnani, Jonathan Doerr, Richard Aseme (RCA Ventures) and Klemens Hallmann, among others.
This successful capital raise comes on the back of a US$20million funding round from Lendable, announced in September 2021.
Finclusion uses advanced proprietary artificial intelligence (AI) algorithms alongside pioneering technology to grant safe financial services, all while maintaining accurate automated credit decisions.
Keen to continue their 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.
For Finclusion CEO Timothy Nuy, the equity capital raised and the partnership with Lendable are significant milestones for the Group. The latest round of funding will enable the Group to fulfil its ambition of creating financial products that are easily accessible to people living in the most remote and rural locations and also in the biggest, most advanced cities across the African continent.
“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,” says Nuy.
