Finclusion Group reaches notable milestone in funding, says CFO Tamuka Mpofu

The group has secured R283 million in a funding round with Lendable, enabling it to widen its reach into Africa.

African FinTech platform Finclusion Group has secured R283 million in a funding round with leading FinTech debt financing provider Lendable.

Finclusion Group CFO Tamuka Mpofu says that securing the funding is a notable milestone for the company. “The team that worked on making this raise happen has been incredibly focused and inherently aware of what funding like this means to our business, and more importantly, our customers.”

He adds that partnering with a reputable institution like Lendable is evidence of sustained growth, all while maintaining strong portfolio quality throughout the pandemic. “We are one step closer to being at the forefront of financial service technology in Africa.”

In a recent interview, Tamuka told CFO South Africa that he’s been speaking to a lot of investors to meet the goal of increasing the scale of Finclusion. “The last few months have been nothing short of demanding, but I am grateful to my team, who have been nimble and adaptable,” he said.

Finclusion uses advanced proprietary AI algorithms alongside pioneering technology to grant safe financial services while maintaining accurate automated credit decisions, and according to the group, the partnership will widen its reach in East and South African markets.