The Finclusion Group: how fintechs are working for Africa's financial inclusion
Neobanks are taking the conquering stage in Africa as Fintech disembarks on the continent — and new opportunities start to rear their heads and entice consumers. Venture capitalists are betting hard on these types of fintech and promoting them heavily in Africa. One of them is the Finclusion Group. The former is a fintech company that employs proprietary AI algorithms to provide financial services and economic tools to their many African clients. A fast up and comer, let’s dive deep into the Finclusion Group and why it’s a game-changer in that continent.
What is the Finclusion Group?
Finclusion Group is a professional team of Fintech experts and entrepreneurs around the world who have joined forces to provide products and all types of financial tools to the African public. A vast array of basic and credit-centric products.
Their main mission is to promote financial inclusion through the continent. Enhancing user experience, networking, relationships, and delivering innovative solutions for consumers, SMEs, employers, employees, and anyone that wants to grow financially.
In its first pre-Series A financing, the group managed to raise over $20 million in debt and equity. It is spearheaded by such investors' as Andela and Flutterwave co-founder Iyin Aboyeji, LendInvest founder Christian Faes, and ComplyAdvantage founder Charlie Delingpole.
Finclusion Group intends to scale up its operation and reach the whole continent, growing its already substantial reach in places such as Kenya, Namibia, Tanzania, and South Africa — and expanding to the Uganda and Mozambique market.
Since it was founded, in 2018, the Finclusion Group has created a strong consumer-based platform that focuses on building credit products in the African continent, and bridging the rather vast gap in that financial stronghold.
Today, their portfolio has a growing stable of 8 credit brands that serve over 240k consumers across 5 different countries. The African based fintech has so far distributed over $300 million worth of loans, and only 10% of those customers have outstanding debts.
The African consumer is in desperate need of credit, something that most traditional banks are choked to provide and the Finclusion Group aims to meet that demand.
The Finclusion Group is right now based on the island of Mauritius, and thanks to AI-powered and data-driven software it is meeting its goals and forward-thinking vision.
Finclusion Group Portfolio
Finclusion Group has, as of 2022, 8 brands under its wings. They collectively serve over 240 thousand customers across 5 countries.
By use of technology, this powerhouse improves the financial well-being of employees. Delivering innovative and easy to employ solutions, and products that enable businesses to grow. Including, personal loans, insurances, and personalized financial services. Today its main users include leading medical services, FMCG, and the retail sector.
Right now, Happy Pay is Africa’s number one “Buy Now Pay Later” financial platform. They help consumers by providing zero-interest financial solutions and easy payments. Quick approval interest-free shopping encourages retailers to grow their customer base, and consumers to buy more of what they want.
TrustGo is a financial lender that focuses on education and SMEs in Kenya and Tanzania — with more than 9000 consumers.
NiftyPay offers inclusive financial tools to Sub-Saharan Africa. Easy and affordable solutions. They have multiple services and products including Buy Now Pay Later, Credit platforms, and Subscription services.
Fractal Labs leverages its IP AI tech to provide invaluable insight into an organization’s development. Offering risk assessment tools, analytics, measurable and applicable metrics, financing solutions, and reducing overall cost and challenges.
Dept Helper offers personalized debt management tools. They find the best solution to a client’s woes —- offering ways to get ahead of debt and renegotiating credit agreements. They work with APIs integrated into South Africa’s major credit card provider in order to give clients fast and highly efficient solutions.
HelloHR manages the payroll process for businesses — relieving a company of efforts and reducing their cost. They provide dozens of tools and tax-compliant products as well as easy migration from older platforms.
GetBucks is a financial assistance service that right now is deployed in Namibian and eSwatini. It offers a wide range of products including lending and insurance.
The Finclusion Group's main goal is to evolve into the leading neobank in the continent. Leading with a strong credit approach that has great customer acquisition tools. They plan on offering saving products, cards, and other services as they evolve and expand their grasp — making a bid to create a pan-African neobank.
Right now, Finclusion Group has a dynamic and holistic tech arsenal that gets upgraded on a regular basis with new features and add-ons. This way the company can stay on top of trends, and simultaneously deploy products efficiently and fast. It reinforces those tools with vast administrative hubs that oversee operation in five of its markets.