MICROCAPITAL BRIEF: Fintech Finclusion Raises $20M Equity, Debt Investment Round to Transform into Bank and Expand into Mozambique and Uganda

0

Eight individual investors are reportedly among the equity participants in a recent financing package organized by Finclusion Group, a Mauritius-based financial technology (fintech) company serving five African countries. The majority of the envelope, which totaled the equivalent of $20 million, was in the form of debt from “unspecified local currency funds in Eswatini and South Africa”. Finclusion plans to use the new money to transition to a deposit-taking institution; expand its existing business in Eswatini, Kenya, Namibia, Tanzania and South Africa; and expand to Mozambique and Uganda.

Finclusion’s eight brands serve employers, their employees and other consumers with products such as HelloHR, which offers payroll and other services to support human resources operations; SmartAdvance, which offers personal loans and insurance; and Happy Pay, a “buy it now and pay later platform offering consumers interest-free financial solutions.” The Company’s other brands are TrustGro, Fractal Labs, Debt Helper and GetBucks as well as Nifty, which includes NiftyPay, NiftyCredit and NiftyCover.

Finclusion serves approximately 28,000 clients as of February 2022. Since its inception in 2018, the company has disbursed loans of USD 310 million to 240,000 people.

By Sheen Gupta, Research Associate

Sources and additional resources

TechCrunch Article
https://techcrunch.com/2022/01/18/finclusion-raises-20m-to-build-out-credit-led-neobank-offerings-across-africa/

Finclusion homepage
https://www.finclusiongroup.com/

Did you know that MicroCapital publishes the MicroCapital Monitor every month? Learn more at https://www.microcapital.org/products-page/.

Similar posts:

  • MICROCAPITAL BRIEF: Arcadia Funds and Kayyak Ventures lead $82 million credit and equity package for Marco, financier of Latin American SME exports to the United States
  • MICROCAPITAL BRIEF: Chipper Cash Raises $100M in Equity Funding to Expand Cryptocurrency, Peer-to-Peer Services and Payment Card Distribution in Africa, UK
  • MICROCAPITAL BRIEF: Positive Ventures of Brazil raises $10M for impact fund supporting cleantech, education, fintech and healthcare
  • MICROCAPITAL BRIEF: Pngme, a data processor for lenders in Africa, raises $3 million in a funding round led by EchoVC, Lateral Capital, Radical Ventures, Raptor Group
  • MICROCAPITAL BRIEF: South Africa-based car-rental financier Planet42 secures final tranche of $13m debt and equity package
Share.

About Author

Comments are closed.