New post Need visibility? Apply for a FREE post for your Startup.  Apply Here

Startups

Mauritius-based Neo-bank – Finclusion Group – raises additional $2m to fully integrate business

1 Mins read

Finclusion Group, an African-focused credit-led neobank company, has raised an additional equity financing of $2 million.

The company, which provide financial services to its users through AI algorithm and an array of credit-centric products, had raised $20 million equity and debt financing in January, 2022, with this $2 million being supplemental to that.

The newly raised funding was led by Leonard Stiegeler. Stiegeler will also be joining the board of the company along with Sudeep Ramnani, and Jai Mahtani.

According to the company, the funding would be used to add new, fully integrated territories to its business. Finclusion will also use the funds to develop new offerings, specifically in third-party support of microfinance banks wanting to offer more financial services.

Finclusion was founded by Timothy Nuy in 2019. The company has its headquarters in Mauritius, and have operational presence in a number of African countries including Tanzania, Namibia, South Africa, Eswatini and Kenya.

Finclusion offer a suite of services which includes its wage streaming product. With this product, Finclusion provides payroll loans and future wage loans where employees can take loans off the back of their salary, deduct them from their payroll and lend through employer relationships. It also offer a product it calls SmartAdvance, where the company partners with employers to offers solutions that improve employees’ financial well-being.

Finclusion claims it has other products in the pipeline, like insurance product and savings products, cards and “buy now, pay later” offerings.

Finclusion has also gone through some stages of rebranding which the company hopes will help it better compete with the big players in the business. The rebranding has resulted in a number of its franchise across Africa getting renamed. Some of the products that got rebranded include: Fin Kenya, which was formerly known as TrustGro; Fin Tanzania was renamed from Fikia Finance; and Fin South Africa – with its products now being SmartAdvance by Fin, NiftyCredit by Fin, NiftyCover by Fin, MediFin and e-Fin.

“Our cross-selling experience was limited when we first launched, so effectively through this integration, everything becomes Fin. Someone will log into his Fin South Africa platform, and effectively get access to all the financial services we offer in that country that they need, which makes it easier to drive repeat engagement and to ensure that customers have full visibility of our offering, but also the financial products they have outstanding,” co-CEO Timothy Nuy said.

578 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Articles
Related posts
Now you knowRandomStartups

Web3 Startup ValuesCo Raises $2.7M In Seed Funding

1 Mins read
Web3 technology continues to gain traction within the technological space with the surge in adoptions and the emergence of many startups building…
Now you knowRandomStartups

San Francisco Crypto Integration Platform Hatchfi, Raises $1.2M In Pre-Seed Funding

1 Mins read
Founded in 2022 by Carlos Feliciano and Casey Wilcox, Hatchfi is a San Francisco crypto integration platform that allows users to seamlessly…
Now you knowRandomStartups

African Gaming Startup Carry1st Raises $27M From Pre-Series B Funding Led By Bitkraft Ventures And A16z

2 Mins read
Unknown to many, the video gaming industry has increasingly become very popular and lucrative around the world, with global revenue of $154.6…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply