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African Finclusion is a 20-million dollar neobanking venture that has launched in Nigeria and aims to take it to other regions of Africa in the near future. The group has been named as one of the top five startups to watch out for during the TechCrunch Africa conference, which begins on August 29th. Read on to find out more about this new bank and the investors who are betting on it.


The Finclusion Group, an African focused FinTech platform, recently announced that it has raised a pre-Series A round of $20 million in partnership with Lendable, a London-based venture capital firm. This funding will allow the company to expand its operations, particularly in the West African sub-region, according to an announcement. It will also use the funding to launch an insurance product, an HR solution, and a pay-now, pay-later service.

The Finclusion Group is the latest player in a growing FinTech sector in Africa. The continent is ripe for innovation, and many companies are attempting to address the huge unbanked problem by implementing novel financial services. Some have opted to go the deposit-led route, while others have embraced the credit-led model. The latter has proved to be the most lucrative, with several digital banks adopting the model in the region.

While the Finclusion Group has been around for a while, it recently took a big leap forward with the acquisition of South Africa’s HelloHR, a payroll software provider. Now, the company is taking its first steps into the payments space, having completed a $2.2 million pre-seed round earlier this year.

Rebranding to Fin

Fin, a microfinance firm, has recently rebranded. This is in order to boost its financial inclusion efforts in Africa. It has already secured $20 million in funding to expand its operations. The group has plans to develop savings products and credit tools for microfinance banks. They also aim to support third-party businesses in the space.

Fin operates in Tanzania, Kenya, Namibia and South Africa. It offers payroll loans, consumer-facing credit and insurance products. In addition to the company’s financial services, Fin will also help microfinance institutions improve their operations.

Fin has rebranded from a company called SmartAdvance. The new logo, colours and fonts reflect a modern, updated look. It has also redesigned its website to better fit with its business model.

As a part of its rebranding, Fin has also partnered with a Kenyan insurtech startup called m-Tek. With the acquisition, the firm’s technology will become known as Fin Connect. Currently, the technology will be available on the company’s mobile app.

Plans to expand to new territories

Africa-focused FinTech platform Finclusion Group recently secured US$20 million in debt and equity pre-Series A financing. The funding will enable the company to expand its operations in the region. It will also allow the company to offer a variety of financial services to its customers. Currently, the company has a loan book of more than $300 million whotimes.

While the company is currently only based in Mauritius, it is looking to branch out to other territories. Fin has already opened offices in Kenya and South Africa and plans to open another office in West Africa within the next few months. In addition to providing loans to customers, the company will be offering an insurance product, wage streaming, and savings products.

Fin’s technology is backed by its acquisition of Awamo, a Kenyan insurtech platform. With the company’s recent funding round, Fin will be able to expand its footprint in the region and better serve its customers. Additionally, it will provide newer and improved credit tools to microfinance banks.

Neobanking aspirations

With a global population of over 16%, Africa has become a contender for a space in the financial services industry. Although the continent has faced some challenges over the years, it has also regained momentum. A few innovative startups are Worldkingnews trying to solve some of the issues that have plagued the region.

One such startup is Finclusion, which aims to establish a pan-African neobank. The company has administrative hubs in five African countries. It offers loans through employer relationships, insurance products, and employee financial wellness.

Finclusion has already built a credit history for thousands of customers. In the last 18 months, it has disbursed $300 million in loans to its users. The company also plans to launch a buy-now-pay-later service via a merchant network. This will help the company reach more potential customers. However, Finclusion has not yet reached its full potential starsfact.


In addition to its loan offering, the bank plans to offer savings products and cards. It also has plans to open a hub in West Africa soon mixx.

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