Finclusion Group Rebrands as Fin, Nets $2M Startup Funding

The African FinTech group Finclusion Group has received $2 million in startup funding.

The latest investment coincides with a company-wide rebranding with the group now going by the name Fin.

Since it was founded in 2018, Fin has developed a range of FinTech products with the aim of closing Africa’s credit shortfall.

These include various consumer credit products, a finance offering for small and medium-sized businesses (SMBs) that provides them with secured working capital loans, asset finance, and buy now, pay later (BNPL) solutions for their end customers, and a range of cards, savings accounts, and insurance products.

The latest funding, first reported by Tech Gist Africa, will be used to expand the company’s operations into new markets and create new products, particularly to aid microfinance institutions that want to work with Fin to provide more financial services.

The $2 million dollar investment was provided by current investors Sudeep Ramnani and Jai Mahtani, alongside new investor Leonard Stiegeler, who is also joining the company’s board of directors.

Fin has previously secured investment from the Cairo Angels Syndicate Fund, as well as netting $20 million in debt and equity funding earlier this year.

Although the company is based in Mauritius and was founded by South African entrepreneurs, it has a wide footprint that covers eastern and southern Africa, with its main subsidiaries operating in Kenya, South Africa and Tanzania.

As PYMNTS has reported, Kenya is one of the few countries in Europe, the Middle East and Africa (EMEA) that has been able to dodge a broad decline in venture capital (VC) funding in 2022.

Despite the fact that Africa’s startup ecosystem remained resilient to a worldwide funding drought in the first half of the year, during the third quarter, VC dollars significantly dried up, with Kenya one of the few that witnessed year-on-year growth in funding during Q3.

Kenya’s outlier position in Q3 2022 was helped by a handful of FinTech investments including a $10 million Series A round for the InsureTech firm Turaco.

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