Pan-African Fintech Startup Finclusion Raises $20m to Expand

African Fintech platform Finclusion Group, has announced it raised $20m in an investment round led by Fintech debt financing provider, Lendable.

Finclusion was launched in 2019 by Timothy Nuy, Finclusion drives financial inclusion in Sub-Saharan Africa using AI powered and data driven lending.

The startup leverages it tech platform to provide safe financial services by combining superior proprietary artificial intelligence to retain accurate automated credit determinations.

Finclusion’s CEO Timothy Nuy speaking on the funding said that it was a proof of the team’s commitment and hard work in developing financial solutions has placed it at the forefront of fintech on the continent.

“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 Timothy.

Tamuka Mpofu, Finclusion Group CFO also added that the team of workers made the investment happen.

“The team that worked on making this raise happen has been incredibly focused and inherently aware of what funding like this means to our business, and more importantly — our customers. Partnering with a reputable institution like Lendable is evidence of sustained growth all while maintaining strong portfolio quality throughout the pandemic. We are one step closer to being at the forefront of financial service technology in Africa” Tamuka said.

The investor, Chris Wehbe CEO of Lendable speaking said: “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”.

According to Finclusion, the investment will be used to deepen its credit and increase its technology expertise to help Africa achieve financial inclusion and prosperity.