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African Finclusion Group (AFG) is a Nigerian startup, with a vision to expand the financial inclusion of Africa. AFG is a social enterprise, which offers affordable loans and insurance products to people in need. They also offer trainings in financial literacy and have developed an online platform to help small businesses succeed. In the past few years, they have successfully raised over $20 million in funding, and have already secured a number of customers, including the Kenyan government. Now they are looking to raise more money to expand and develop their product portfolio. This article will provide information on their funding round, as well as their plans for expansion.

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Funding round details

Finclusion Group is a young African neobank that uses artificial intelligence (AI) technology to offer financial services to its customers in Africa. The company’s vision is to become the leading international neobank in Eastern and Southern Africa wrinky. To that end, it has built a consumer-facing credit product, including cards, wage loans, and an insurance product. It also aims to provide payroll solutions for employers. This year, the company acquired a South African payroll software startup, HelloHR.

Finclusion Group has an administrative hub in South Africa and operates in five countries across the continent, with plans to expand into West Africa. As part of its brand integration, it recently rebranded itself to Fin. With its new funding, the company will continue to build its financial inclusion footprint in Sub-Saharan Africa.

With the $20 million in funding, Finclusion will be able to expand its product offerings. It will now offer a buy now, pay later product that will allow consumers to pay off their loans using a merchant network. In addition, the company will expand its administrative hubs in South Africa and Kenya.

Products offered

The African finclusion group has raised $20 million in a pre-Series A round. The company will use the money to expand its operations, and to create products that can be cross-sold to customers by other lenders.

The group has developed a range of consumer-facing credit products, including a payroll loan and an insurance product. Its impressive feats include the creation of credit histories for thousands of customers and the disbursement of $300 million in loans. Despite this accomplishment, it has only served a meager 10% of its total customers. Moreover, the company’s loan book isn’t growing at the same rate as its customer base. Finclusion plans to open a hub in West Africa soon.

In addition to providing credit products, the African finclusion group also offers an array of financial wellness solutions, including HR and payroll services. This includes a buy now, pay later offering and a financial management system.

Expansion plans

Finclusion Group is a Mauritius based financial technology company that focuses on Africa. The firm leverages artificial intelligence algorithms to provide financial services to African consumers. As a result, they have managed to get around $300 million in loans for their customers. Their current loan book is growing 30% every month, and the firm is looking to expand into new markets in West Africa.

For instance, the firm has plans to launch buy now, pay later offerings. These products will be offered through a merchant network. They will be targeted at consumers living in rural areas and big cities on the African continent. It will also offer cards and savings products. While they have gained some traction so far, they have a long way to go before they can claim to be a neobank.

To date, the company has granted around 300 million in loans to over 240,000 consumers. They have also managed to create credit histories for these customers, something most other digital banks are unable to do. One of the ways they have managed to do this is by providing financial solutions through employer relationships.


Finclusion Group is an African FinTech platform that plans to boost financial inclusion in sub-Saharan Africa. The startup uses AI algorithms to provide financial services to the continent’s customers. Its products include payroll loans, insurance, and financial wellness solutions. With a focus on employees, the company offers payroll loans through employer relationships and buy-now, pay-later offerings.

A pre-Series A financing round led by Lendable raised $20 million for the company in September. In addition to Lendable, investors included Klemens Hallmann, Jonathan Doerr, Jai Mahtani, Sudeep Ramnani, Richard Aseme, and Amandine Lobelle. By the end of the year, the startup had already disbursed more than $300 million in loans to customers.


Since starting its operations in 2018, Finclusion has served 28,000 customers. Its administrative hubs are in South Africa and Kenya. Finclusion’s product offering is still in development, though. The company plans to add a variety of products, including cards, cards for the unbanked, and a merchant network.

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