ImpactAlpha, January 25 — Singapore-based fintech Finclusion Group, which offers credit and financial services through consumer brands in Kenya, Tanzania, South Africa and Eswatini (formerly Swaziland), says it made $30 million in loans in 2021 and grew its book by 30%. The company is expanding its services to better retain customers.
“This is one of the reasons we are going into a neobank strategy to maintain old and new users rather than effectively churning them out,” Finclusion’s Timothy Nuy told TechCrunch. As a credit-first neobank, Finclusion plans to offer savings products, credit cards and buy-now, pay-later options.
Lendable backed Finclusion last September via its fintech credit fund for emerging market companies (see, “How Lendable parses risks and returns to mobilize capital for inclusive fintech in emerging markets”).
The new round of debt and equity was backed by individual investors including Flutterwave’s Lyinoluwa Aboyeji and LendInvest’s Christian Faes, and local funds in Eswatini and South Africa. Finclusion will use the financing to expand into Mozambique and Uganda.