African FinTech Finclusion Raises $20M for Enterprise Development

Finclusion Group, which works with online monetary and credit score providers using artificial intelligence (AI)-driven methods across Africa, recently raised $20 million for enterprise development across the continent, according to a Euro Journal report Friday (Oct. 8).

The financing, raised in a partnership with Lendable, will be used to develop Finclusion’s expansion throughout Sub-Saharan Africa, together with South Africa, Tanzania, Kenya, eSwatini and Namibia, creating more financial inclusivity in these areas.

Finclusion has “already secured quite a lot of new key distribution partnerships” to develop its buyer base, CEO Timothy Nuy said.

Tamuka Mpofu, Finclusion’s chief monetary officer, said the funding is a milestone for the company.

Lendable CEO Chris Wehbe expressed a desire to see Finclusion’s growth through the region.

“We’re wanting ahead to seeing the Finclusion Group attain much more prospects throughout Africa with our funding driving additional monetary wellness and inclusion — each of that are a core focus for Lendable,” said Lendable CEO Chris Wehbe.

Finclusion recently acquired a stake in South African payroll software program firm HelloHR.

“HelloHR will a contribute to the Finclusion Group platform, strengthening all choices by way of improved buyer expertise and elevated buyer retention charges,” said Nuy.

Related: FinTech Finclusion Buys S. African Payroll Startup HelloHR

The HelloHR acquisition is part of Finclusion’s strategy to provide holistic financial wellness products through employers, with access to Finclusion’s wage-streaming, financial wellness and insurance products.

HelloHR offers a cloud-based payroll solution to connect accountants, employees and organizations. It works with South Africa’s Xero software, a cloud-based accounting program, and is accessible through a web application.

The platform automates payroll, including the necessary leave and tax adjustments, cuts down on errors and gives a platform for administrators to provide any payroll-related information with tailored user experiences for every access level.