Cairo Angels led funding raised by Mauritius-based fintech startup Finclusion Group

Finclusion Group, a Mauritius-based fintech business, has received money from the Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage Middle Eastern and African startups.

Finclusion Group is a fintech platform focusing on Africa that is developing a comprehensive neobank product for its consumers. With offices in South Africa, Eswatini, Namibia, Kenya, and Tanzania, the organisation offers clients earned salary access, BNPL, and direct credit services.

Finclusion Group recently raised $20 million in a funding round with Lendable, a prominent fintech debt financing provider, and also invested in HelloHR, a South African payroll software business.

The Cairo Angels Syndicate Fund has now provided the firm with an unknown amount of new investment. Cairo Angels was Egypt’s first organised network of angel investors when it launched, and it has since become one of the Middle East and Africa’s most active early-stage investors in startups and high-growth firms, with 31 investee companies spanning 18 different industries.

Its syndicate fund is a tiny venture capital fund that focuses on Egypt, the United Arab Emirates (UAE), Saudi Arabia, Nigeria, Kenya, and South Africa, with a special concentration on post-seed and pre-Series A firms.

“Finclusion Group is exceptionally pleased to have the Cairo Angels Syndicate Fund join its shareholder base. With CASF, the group continues building out its shareholder base with aligned investors – and has secured a strong partner for potential future geographic expansion. Being the CASF’s second investment recipient outside of Egypt, in our view, speaks volumes as to the progress we have made recently,” said Timothy Nuy, co-founder and co-CEO of Finclusion Group. “We look forward to working with the CASF to continue building Africa’s neobank.”