African FinTech platform Finclusion Group has secured $20 million in a funding round led by UK-based Lendable, a leading fintech debt financing provider. Finclusion leverages proprietary artificial intelligence (AI) algorithms alongside pioneering technology, to offer safe financial services while maintaining accurate automated credit decisions.
The partnership will help Finclusion increase its reach across the Eastern and Southern markets by creating a sustained impact that drives financial inclusivity segments to areas previously underserved. Timothy Nuy, Finclusion CEO pointed out that the debt further confirms the hard work and passion displayed by the team in creating a wide range of products and solutions putting the company at the forefront of fintech.
This group will then leverage its deep credit, risk, and technological expertise to drive the financial inclusion and well-being of Africa. Finclusion offers a range of products that address the underserved Africa markets by providing solutions centered on financial inclusion while in turn supporting financial education and wellness.
Chris Wehbe, Lendable CEO expressed excitement in partnering with Finclusion Group and hoped their funding drives “ further financial wellness and inclusion.”
Finclusion Group CFO Tamuka Mpofu described the partnership with Lendable as “evidence of sustained growth all while maintaining strong portfolio quality.”
Finclusion Group was founded in 2019 and specializes in AI-driven fintech solutions offering financial services or credit products. The platform has 8 portfolio brands servicing 240,000 customers spread across 5 countries. Among the brands are Fractal Labs, Click2Pay, SmartAdvance, GetBucks, Niftycredit, HelloHR, TrustGro, and Niftycover.
UK-based Lendable has offices in Nairobi, Singapore, and New York which primarily advance loans to fintech spread across eight markets in Latin America, Africa, and Southeast Asia. Since the 2014 launch, the company has disbursed over $125 million to different fintechs. Some of the startups that have raised debt finance from Lendable are Uploan, Tugende, Planet42, KoinWorks, Trella, Watu Credit, Payjoy, Amartha, MFS Africa, and SolarPanda.