African fintech platform Finclusion Group has secured US$20mn in a funding round with leading fintech debt financing provider, Lendable
This partnership aims to help Finclusion widen its reach in East and South African markets thus making a sustained impact and driving financial inclusivity in segments that have traditionally been underserved.
Finclusion CEO Timothy Nuy said that the debt raise is further confirmation of the passion and hard work displayed by the team in creating a range of products and solutions that place the company at the forefront of fintech on the continent.
“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.”
He commented that that the group will continue to leverage its deep credit, risk and technology expertise to drive financial inclusion and well-being in Africa.
Finclusion boasts multiple products that address underserved markets in Africa by providing solutions that make financial services inclusive while also encouraging financial education and wellness.
“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,” said Lendable CEO Chris Wehbe.
Tamuka Mpofu, Finclusion Group chief financial officer, said that securing the funding is a notable milestone for the company.