The Africa-focused fintech platform Finclusion Group has announced the closing of a $20-million funding round led by the UK-based fintech debt financing provider, Lendable.
Finclusion is a Mauritius-based startup that seeks to drive financial inclusion in Africa. It offers financial services and credit products under various consumer-facing brands.
“We are very happy to be partnering with the team at Finclusion,” 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.”
The partnership will enable Finclusion to broaden its reach across the eastern and southern markets of Sub-Saharan Africa, creating a sustained impact while driving financial inclusion segments that have traditionally been underserved.
In a statement, Finclusion Founder and CEO Timoty Nuy said the startup will continue to leverage its deep credit, risk and technology expertise to drive financial inclusion and well-being in Africa.
“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,” Nuy said.
Finclusion boasts multiple products that address underserved African markets by providing solutions that make financial services inclusive while encouraging financial education. The funding will boost its diverse business portfolios on the continent.
Lendable
Founded in 2015, Lendable is a leading debt provider servicing fintech startups in emerging and frontier markets.
The company has an active portfolio of debt financing investments in fintech companies in Africa, Asia and Latin America.