Finclusion Group, a neobank that provides financial services to African customers using AI algorithms, has raised $2 million in equity financing.
The company has also rebranded to Fin.
Following this move, Fin has renamed its subsidiaries in its core markets: Fin Kenya (formerly TrustGro), Fin Tanzania (formerly Fikia Finance) and Fin South Africa (with its products now being SmartAdvance by Fin, NiftyCredit by Fin, NiftyCover by Fin, MediFin and e-Fin).
Fin offers a range of credit-centric products to close the credit gap in countries such as Tanzania, Namibia, South Africa, Eswatini and Kenya.
The company aims to consolidate its presence across Africa under this new identity and dominate the neobank space in Eastern and Southern Africa. It faces competition from other players in the region such as TymeBank, Kwara, Koa and Fingo.
The company raised $20 million in debt and equity pre-Series A financing in January and secured a $20 million debt facility from emerging markets debt provider, Lendable in September, bringing its total capital raised to $42 million.
This latest financing will be used to expand the company's business and develop new offerings, specifically in third-party support of microfinance banks.