Finclusion Group, a South African company that is developing Africa’s first credit-led neobank, has announced that it has received an extra 2 million dollars in funding.
Leonard Stiegeler, who is also joining the company’s board of directors, together with current investors Sudeep Ramnani and Jai Mahtani, provided the funding.
Timothy Nuy and Tonderai Mutesva, the co-founders and co-CEOs of Finclusion, launched it in the middle of 2018. The company has created a product line that aims to close the credit gap that still exists on the continent while adding value for companies, workers, and consumers.
Three basic competencies are used to achieve this. Through an employer distribution approach, its Earned Wage Access product grants employees access to earned and future salaries, while its SME Finance module offers SMEs secured working capital loans, asset finance, and BNPL solutions for their end customers.
Finally, inside its ecosystem, its Transactional Banking offering provides cards, savings accounts, and insurance to customers.
Additionally, the business is launching a brand integration across all of its markets.
The old Finclusion Group is now known as Fin, and its primary market subsidiaries, Fin Kenya (previously TrustGro), Fin Tanzania (formerly Fikia Finance), and Fin South Africa, have adopted this name (with its products now being SmartAdvance by Fin, NiftyCredit by Fin, NiftyCover by Fin, MediFin and e-Fin).
With this move, the business is unifying its presence across Africa under a single brand and underscoring its goal of being the top global neobank in Eastern and Southern Africa.
The funds will be used to expand the company’s operations into new, fully integrated markets and to create new products, particularly to aid microfinance institutions that wish to work with Fin to provide more financial services.