Mauritius-based Finclusion Group, an African-focused financial technology (fintech) platform, has secured $20 million in debt & equity funding from various prominent investors in its latest capital raise. This successful capital raise comes on the back of a previous $20 million funding round from Lendable, announced in September 2021. The company aims to become the continent's premier neobank. The funding will fuel Finclusion Group's expansion into Mozambique and Uganda, while also bolstering existing operations across Eswatini, Kenya, South Africa, and Tanzania. Additionally, the capital will support product expansion, particularly in the Buy Now Pay Later and wage streaming offerings.
The Group experienced a 140 percent increase in monthly originations over the last eighteen months, lending over $30 million in 2021 with revenues exceeding $10 million. With expectations to double originations and revenues this year, Finclusion Group has built a substantial employer-partnership pipeline covering over 1 million formally employed individuals.