South Africa’s Finclusion Group Adds USD 2 Mn Funding

South African company Finclusion Group, which is building Africa’s first credit-led neobank as it bids to accelerate financial inclusion throughout Sub-Saharan Africa, has announced an additional USD 2 Mn in funding as it rebrands. The funding comes from existing investors Leonard Stiegeler, who is also joining the board of the company, as well as Sudeep Ramnani and Jai Mahtani. 

Finclusion has developed a product offering that focuses on creating value for employers, employees, and consumers. 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.