SA’s fintech startup, Finclusion Group secures undisclosed funding from Egypt’s CASF

SA’s fintech startup, Finclusion Group secures undisclosed funding from Egypt’s CASF

South African-based fintech startup, Finclusion Group has today secured an undisclosed amount of funding from the Egypt-based micro VC fund, the Cairo Angels Syndicate Fund (CASF) for further expansion.

Timothy Guy co-founded Finclusion Group with his co-founder and co-CEO Tonderai Mutesva in 2019 as an African-focused fintech platform building out a full neo bank offering for its users. It also provides earned-wage access, BNPL, and direct credit to its clients with a presence in South Africa, Eswatini & Namibia in Southern Africa, and Kenya & Tanzania.

Finclusion Group team is passionate about building products that improve the quality of life of its customers by making financial tools easily accessible throughout the African continent. Leveraging its risk, credit, and technology expertise, Finclusion Group aims to drive financial wellness and inclusion in Africa and to build the first truly pan-African neo bank

Nuy expressed his excitement about the investment from the CASF. “Finclusion Group is exceptionally pleased to have the Cairo Angels Syndicate Fund join its shareholder base. With CASF, the Group continues building out its shareholder base with aligned investors – and has secured a strong partner for potential future geographic expansion. Being the CASF’s second investment recipient outside of Egypt, in our view, speaks volumes as to the progress we have made recently and we look forward to working with the CASF to continue building Africa’s neobank.”

The Cairo Angels Syndicate Fund (CASF), is a micro venture capital fund that invests in early-stage startups in the Middle East and Africa. Its CEO, Aly El Shalakany said he is delighted to announce its investment in the fintech startup.

“Our mission is to invest and support incredible founders building digital platforms to solve essential problems. That is exactly why we decided to invest in Finclusion Group, which is delivering compelling solutions to underserved consumers who have historically had little or no access to credit. This represents the fund’s second investment in Africa outside of Egypt and our third Fintech investment so far.”