Kenyan entrepreneur Kageni Wilson’s Finplus crosses $1-billion transaction value mark

Finplus, a Nairobi-based fintech startup led by Kenyan entrepreneur Kageni Wilson, has revealed that its software has now processed more than $1 billion in combined transaction value across its markets in East and Southern Africa in just five years of operation.

“Today, Finplus software helps an individual or business in Africa transact or access credit every 10 seconds, it has already processed over $1 billion in transaction value across five emerging markets – Kenya, Uganda, Tanzania, Eswatini, South Africa,” Kageni Wilson, Finplus’ CEO, said.

“It’s an enormous responsibility and one that gives us pride as an African company building in Africa for Africans,” he added, explaining that the startup has helped more than 3 million SMEs and individuals on the continent gain access to credit and saved business customers over a million man-hours through automation.

The latest announcement comes more than a year after the fintech startup, which is constructing a new credit and commerce infrastructure for emerging markets, announced that its software had processed more than $500 million in total transaction value.

Finplus’ recent milestone, as it continues to provide white-label digital finance and vertical e-commerce software while creating financing opportunities for SMEs, is consistent with its goal of assisting in closing the massive $5-trillion credit deficit faced by SMEs in developing countries each year.

Wilson and Bernard Banta founded Finplus in 2017 to develop and provide fully managed software to help financial services providers operate efficiently and scale cost-effectively in any market.

Over $1 billion in transactions, including more than $750 million in loan disbursements and over $250 million in allocated deposits, have been processed as a result of its Software-as-a-Service (SaaS) platform, which makes it simple to create, launch quickly, and manage digital deposit, loan, and insurance products.

This achievement follows the opening of a Johannesburg office to guide the startup’s entry into Southern Africa. As part of this move, the startup expanded its operations from South Africa to Swaziland and is now further entrenching itself in the region.