African fintech Finclusion raises $20m in debt funding



African fintech platform Finclusion Group secured $20 million in a funding round with leading fintech debt financing provider, Lendable.

Finclusion uses advanced proprietary artificial intelligence (AI) algorithms and pioneering technology to deliver secure financial services, while maintaining accurate automated credit decisions. This partnership will help Finclusion expand its reach in East and Southern African markets, which will have a lasting impact and foster financial inclusiveness in traditionally underserved segments.

Finclusion CEO Timothy Nuy said the increase in debt is further confirmation of the team’s passion and hard work in creating a range of products and solutions that position the company at the vanguard of fintech on the continent. “The opportunities to expand our portfolio are now endless, and we are proud to say that we have already entered into a number of key new distribution partnerships that will rapidly expand our customer base. »

He says the group will continue to leverage its deep expertise in credit, risk and technology to drive financial inclusion and well-being in Africa. Finclusion offers several products that address underserved markets in Africa by providing solutions that make financial services inclusive while encouraging financial literacy and well-being.

“We are very excited to partner with the Finclusion team and are always excited about the prospect of partners whose primary function is to improve the financial situation and means of their customers,” said Chris Wehbe, CEO of Lendable. “We look forward to seeing the Finclusion Group reach even more customers across Africa through our funding which will promote well-being and financial inclusion, two essential elements for Lendable. »

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