Driving financial inclusion across Sub-Saharan Africa, Finclusion has closed a $20,000,000 funding round led by fintech debt financing provider, Lendable.
Finclusion leverages an innovative fintech solution to provide services focused on high-growth market segments, providing impressive customer experiences.
Powered by advanced, proprietary algorithms, the startup’s client base utilises its credit, risk and technology expertise to carry out financial transactions securely, making accurate automated credit decisions possible.
The company focuses on financial wellness, credit scoring and direct lending, operating through Fractal Labs, smartadvance, niftycredit, niftycover, TrustGro and Click2Pay in South Africa, Eswatini, Kenya, Namibia and Tanzania.
Leveraging the funds raised and the new partnership, Finclusion will broaden its capacity across East and South African markets and provide financial solutions to underserved communities on the continent, ensuring its impact attains a global reach.
Founded by Timothy Nuy in 2019, the company thrives on passion and hard work, seeking to continually work towards the transformation of African fintech inclusiveness.
The company plans to maximise the new opportunity to increase its portfolio, ready to secure a number of new key distribution partnerships that will expand its customer base within a short period.
“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,” said Nuy.
Speaking on the investment round, the CEO of Lendable, Chris Wehbe highlighted:
“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.”
“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,” he said.
While providing solutions for financial inclusion, Finclusion also targets financial education and wellness in Africa.