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. 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. Finclusion recently acquired a stake in South African payroll software program firm HelloHR.
Finclusion is a team of fintech professionals and entrepreneurs from around the world. Passionate about building products that help to make financial tools easily accessible for people throughout the African continent. By leveraging risk, credit, and technology expertise, aims to be at the forefront of the fintech sector and supervised machine learning and AI capabilities. These tools give the ability to make highly informed predictions on credit applications in seconds; based on both financial and psychometric data. The product offering focuses on creating value for employers, employees and consumers while closing the credit gap that persists on the continent.