Finclusion Raises $20M To Build Out Credit-Led Neobank Offerings Across Africa
01/18/22, 9:01 AM
Money raised
$20 million
The digital banking space in Africa is taking shape as neobanks on the continent grow in numbers like their global counterparts. Venture capital bet from institutional investors in this class of fintechs is massive and in the latest development from Africa, it seems individual investors appetite is increasing likewise.
Company Info
Additional Info
Despite this growth, Finclusion only has 28,000 customers with active loans outstanding, almost 10% of the total customers the company has served since 2018. Nuy said the company has an insurance product and plans to offer savings products, cards and buy now, pay later offerings via a merchant network in a bid to form a pan-African neobank. This way, the company can scale across multiple geographies simultaneously and efficiently, said the chief executive. Additionally, the company has administrative hubs to oversee operations in its five markets.