Finclusion Group, an African FinTech platform, has raised $20 million in a funding round headed by Lendable, a prominent fintech debt financing company based in the United Kingdom.
Finclusion combines unique artificial intelligence (AI) algorithms with cutting-edge technology to provide secure financial services with accurate automated credit determinations.
Finclusion will be able to expand its presence across the Eastern and Southern regions as a result of the cooperation, which will have a long-term impact by driving financial inclusion sectors to previously underserved areas. Finclusion’s CEO, Timothy Nuy, stated that the debt “confirms the team’s hard work and enthusiasm in developing a wide range of products and solutions that place the company at the forefront of fintech.”
This organization will then use its extensive credit, risk, and technical capabilities to help Africa achieve financial inclusion and prosperity.
Finclusion provides a suite of products that target Africa’s disadvantaged markets by focusing on financial inclusion while also promoting financial education and wellbeing.
Lendable CEO Chris Wehbe stated his delight in collaborating with Finclusion Group, hoping that their support will help to promote “financial wellness and inclusiveness.”
The cooperation with Lendable, according to Finclusion Group CFO Tamuka Mpofu, is “proof of continued expansion while maintaining high portfolio quality.”
Finclusion Group was established in 2019 and focuses on AI-driven fintech solutions that provide financial services or credit products. The platform features eight portfolio brands that serve 240,000 clients in five countries. Fractal Labs, Click2Pay, SmartAdvance, GetBucks, Niftycredit, HelloHR, TrustGro, and Niftycover are among the brands.
Lendable, established in the United Kingdom, has offices in Nairobi, Singapore, and New York, where it primarily advances loans to fintech companies in eight Latin American, African, and Southeast Asian regions. Since its inception in 2014, the organization has distributed over $125 million to several fintechs. Uploan, Tugende, Planet42, KoinWorks, Trella, Watu Credit, Payjoy, Amartha, MFS Africa, and SolarPanda are among the startups that have received debt financing from Lendable.
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