South Africa’s Fintec Labs, which is a financial incubator confirmed raising $2million series B fund from ABSA Bank. The company’s CEO, Daniel Van Tonder told Digest Africa that this round was closed on December 21, 2018.
The deal makes it the second investment round Fintec Labs raised last year as it had earlier raised $2.4 million in Series A funding from an undisclosed investor. This brings the company total raised fund to at least $6.3 million in funding since their beginning, according to Crunchbase.
Founded in 2015 by Daniel van Tonder and Willem van Zyl, they provide B2B technology to major banking and insurance enterprises in South Africa and they also have flagship products like ‘cost routing’ engines that give clients the ability to collect subscriptions via efficient bank- or non-bank channels.
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Headquartered in Stellenbosch, Fintec Labs labels itself as the incubator to the “largest African insurance and banking institutions.”
“Fintec is an African-based innovation hub – using technology to solve real-world challenges. The businesses and products we build help banks, insurers and regulators get back in the game.”
Fintec Labs claims to be part of the Fintec Group which has Fintec Spaces, Fintec Ventures and Fintec Accelerator in its wholeness. Fintec Labs incubates, provides co-working space, funding and acceleration.