Mauritius-based fintech startup Finclusion Group 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.
Last year, Finclusion Group recently 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.
The company has now raised a further, undisclosed amount of funding 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. Being the CASF’s second investment recipient outside of Egypt, in our view, speaks volumes as to the progress we have made recently,” said Timothy Nuy, co-founder and co-CEO of Finclusion Group. “We look forward to working with the CASF to continue building Africa’s neobank.”
