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
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