MAURITIUS – Finclusion Group, a Mauritius-based fintech startup, has secured funding from the Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa.
Finclusion Group is an Africa-focused fintech platform building out a full neobank offering for its users. The company provides earned wage access, BNPL and direct credit services to its clients with a presence in South Africa, Eswatini, Namibia, Kenya and Tanzania.
The undisclosed amount of funding was from the Cairo Angels Syndicate Fund. At launch, Cairo Angels was Egypt’s first formal network of angel investors, and since its formation it has been one of the most active early-stage investors in startups and high growth businesses in the Middle East and Africa, with 31 investee companies across 18 different sectors.
Its syndicate fund is a micro venture capital fund that invests in post-seed and pre-Series A startups, with a particular focus on Egypt, the United Arab Emirates (UAE), Saudi Arabia, Nigeria, Kenya, and South Africa.
“Finclusion Group is exceptionally pleased to have the Cairo Angels Syndicate Fund join its shareholder base. With CASF, the group continues building out its shareholder base with aligned investors – and has secured a strong partner for potential future geographic expansion,” said Timothy Nuy, co-founder and co-CEO of Finclusion Group.
“Being the CASF’s second investment recipient outside of Egypt, in our view, speaks volumes as to the progress we have made recently. We look forward to working with the CASF to continue building Africa’s neobank.”
Earlier in the year, Finclusion Group secured US$20 million in a funding round with leading fintech debt financing provider Lendable, and itself invested in South African payroll software startup HelloHR.
Andela and Flutterwave co-founder Iyin Aboyeji (who invested through his VC firm Future Africa), LendInvest founder Christian Faes, and ComplyAdvantage founder Charlie Delingpole are among the round’s investors.
Amandine Lobelle, Jai Mahtani, Sudeep Ramnani, Jonathan Doerr, Richard Aseme (RCA Ventures), and Klemens Hallmann are just a few of the others.
Manuel Koser, Alexander Schuetz, Christian Angermayer, and Leo Stiegeler were among the company’s prior investors, as were Manuel Koser, Alexander Schuetz, Christian Angermayer, and Leo Stiegeler.
Finclusion received debt funding from local currency funds in Eswatini and South Africa, which made up the majority of the entire round. It comes after Lendable, an emerging markets lending provider, provided a US$20 million debt facility in September.
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