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Fintech startup, Finclusion Group has raised USD 20 Mn in its pre-Series A combination of debt and equity financing. Iyin Aboyeji, Amandine Lobelle, Christian Faes, Charlie Delingpole, James Mahtani, and Sudeep Ramnani were investors in the round.
The fintech uses AI algorithms to provide financial services to African customers via an array of credit-centric products and has adopted a credit-led approach, including products like Smart Advance, Happy Pay, Trust Gro, NiftyCredit, and NiftyPay. The startup intends to grow its operations in Namibia, South Africa, Eswatini, Kenya, and Tanzania while expanding into Mozambique and Uganda. Finclusion also plans to adopt a neobank strategy to retain its existing customers.