Finclusion Group recently raised $20 million in debt and equity finance from a number of well-known investors. This significant fund round follows a $20 million funding round announced by Lendable in September 2021.
Andela and Iyin Aboyeji, Christian Faes of LendInvest, and Charlie Delingpole of ComplyAdvantage are among the investors in this round.
Amandine Lobelle, Jai Mahtani, Sudeep Ramnani, Jonathan Doerr, Richard Aseme (RCA Ventures), and Klemens Hallmann are just a few of the others. Manuel Koser, Alexander Schuetz, Christian Angermayer, and Leo Stiegeler were among the company’s prior investors, as were Manuel Koser, Alexander Schuetz, Christian Angermayer, and Leo Stiegeler.
Following the September fundraising, the Group has seen a surge in monthly originations, with a 140 percent growth in the last 18 months.
In 2021, the company lent more than $30 million and earned more than $10 million in revenue.
To support this growth, the Group intends to double revenues this year and has developed an employer-partnership pipeline spanning over one million formally employed people.
The equity capital raised and the relationship with Lendable are key milestones for Finclusion CEO Timothy Nuy.
The latest round of funding will allow the Group to realize its goal of providing financial solutions that are widely available to people living in both distant and urban areas as well as the continent’s largest and most advanced cities.
“We’re always looking for new ways to give value to our rapidly expanding consumer base, and this money will only help us accomplish that.” “We’re getting closer to being at the forefront of financial service technology in Africa by partnering with so many respectable investors and reputable funds,” Nuy says.
The money will be utilized to expand the company’s operations in Mozambique and Uganda, as well as in Eswatini, Kenya, South Africa, and Tanzania.
The funds will also be used to expand its Buy Now Pay Later (BNPL) and wage streaming options.
Read more on Tech Gist Africa:
Copia Global, a Kenyan eCommerce company, has raised $50 million to expand its operations.
ThankUCash, a Nigerian rewards startup, has raised $5.3 million in a seed round to fund its growth
Tawfeer Market, an Egyptian online grocery startup, has raised a $500k seed round