Mauritian fintech startup Finclusion Group raises $20 million in funding for expansion. – TechMoran

Finclusion Group, an African fintech platform, has raised $20 million in a funding round led by debt financing provider Lendable.

Finclusion, which was founded in 2019, focuses on AI-driven fintech solutions for financial services and credit products. On the African continent, it aims to promote financial wellness and inclusion.

The platform has an eight-brand portfolio that serves 240 000 customers across five countries.SmartAdvance, TrustGro, Fractal Labs, Niftycover, Niftycredit, Click2Pay, HelloHR, and GetBucks are among the eight brands.

“The opportunities to scale across our portfolio are now endless, and we’re proud to say that we’ve already secured a number of new key distribution partnerships that will scale our customer base rapidly,” Finclusion CEO, Timothy Nuy, said in a statement.

“The team that worked on making this raise happen has been incredibly focused and inherently aware of what funding like this means to our business, and more importantly – our customers,” CFO Tamuka Mpofu said.

Finclusion will be able to expand into East and South African markets thanks to its partnership with Lendable.

“We are very happy to be partnering with the team at Finclusion and are always excited by the prospect of partners whose core function serves to better the financial situation and means of their customers,” Lendable CEO, Chris Wehbe said.

“We’re looking forward to seeing the Finclusion Group reach even more customers across Africa with our funding driving further financial wellness and inclusion – both of which are a core focus for Lendable.”

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