Finclusion rebrands as Fin, net $2M funding
African FinTech group Finclusion Group has received $2 million in seed funding.
The latest investment coincides with a company-wide rebranding, with the group now going under the name Fin.
Since it was founded in 2018, Fin has developed a range of FinTech products aimed at closing Africa’s credit deficit.
These include various consumer credit products, a financing offer for small and medium-sized enterprises (SMEs) that provides them with secured working capital loans, equity financing, and buy-now-pay-later (BNPL) solutions for their end customers, and a range of cards, savings accounts and insurance products.
The latest funding, first reported by Tech Gist Africa, will be used to expand the company’s operations into new markets and create new products, particularly to help microfinance institutions that want to partner with Fin to offer more financial services.
The $2 million investment was provided by existing investors Sudeep Ramnani and Jai Mahtani, along with new investor Leonard Stiegeler, who will also join the company’s board.
Fin has previously secured investment from the Cairo Angels Syndicate Fund, in addition to receiving $20 million in debt and equity funding earlier this year.
Although the company is based in Mauritius and was founded by South African entrepreneurs, it has a broad footprint covering eastern and southern Africa, with its main subsidiaries operating in Kenya, South Africa and Tanzania.
As PYMNTS has reported, Kenya is one of the few countries in Europe, the Middle East and Africa (EMEA) that has been able to avoid a broad decline in venture capital (VC) funding in 2022.
Despite Africa’s startup ecosystem remaining resilient to a global funding drought in the first half of the year, during the third quarter, VC dollars dried up significantly, with Kenya one of the few to experience a year-over-year growth in funding in Q3 .
Kenya’s outlier in Q3 2022 was helped by a handful of FinTech investments, including a $10 million Series A round for InsureTech firm Turaco.
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