SA’s Finclusion Group announced additional $2 M funding, rebrands for brand integration
A further US $2 million in investment has been announced by the South African startup Finclusion Group as it rebrands as part of brand integration. Finclusion Group is developing Africa’s first credit-led neobank in an effort to promote financial inclusion throughout Sub-Saharan Africa.
Timothy Nuy and Tonderai Mutesva, the co-founders and co-CEOs of Finclusion, launched it in the middle of 2018. The company has created a product line that aims to close the credit gap that still exists on the continent while adding value for companies, workers, and consumers.
Three basic competencies are used to achieve this. Through an employer distribution approach, its Earned Wage Access product provides employees access to earned and future salaries, while its SME Finance module offers SMEs secured working capital loans, asset finance, and BNPL solutions for their end customers. Finally, its Transactional Banking offering provides users inside its network with cards, savings accounts, and insurance.
The firm began the year with a $20 million fundraising round and has since received an additional US $2 million. Existing investors Leonard Stiegeler, who is also joining the company’s board, Sudeep Ramnani, and Jai Mahtani contributed to this capital.
A brand unification across all of its markets is also being announced. Fin Kenya (formerly TrustGro), Fin Tanzania (previously Fikia Finance), and Fin South Africa are now the subsidiaries of Finclusion Group, which is currently known as Fin (with its products now being SmartAdvance by Fin, NiftyCredit by Fin, NiftyCover by Fin, MediFin and e-Fin).
The business is taking this action to unify its presence across Africa under a single brand and to showcase its goal of being the top global neobank in Eastern and Southern Africa.
The money will instead be used to expand the company’s operations into new, fully integrated markets and to create new products, particularly to aid microfinance institutions who wish to work with Fin to provide more financial services.
“This brand integration is an important step in cementing Fin as the leader in the neobanking space in East and Southern Africa. We have fantastic leadership and a strong team across our markets, and with our joint brand and platform, we will continue to expand,” said Mutesva.
