- Egypt-based micro VC fund The Cairo Angels Syndicate Fund (CASF) has invested an undisclosed amount in the South Africa-based fintech startup, Finclusion Group.
- Founded in 2019 by Timothy Nuy, Finclusion Group is an Africa-focused neobank platform, offering earned-wage access, BNPL and direct credit to its clients with a presence in South Africa, Eswatini, Namibia, Kenya and Tanzania.
- The funding will help Finclusion in its future geographic expansion.
The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa, is delighted to announce its investment in the fintech startup Finclusion Group.
Finclusion Group is an African-focused fintech platform building out a full neo bank offering for its users. Today, Finclusion Group provides earned-wage access, BNPL and direct credit to its clients with a presence in South Africa, Eswatini & Namibia in Southern Africa, and Kenya & Tanzania in East Africa.
Finclusion Group team is passionate about building products that improve the quality of life of its customers by making financial tools easily accessible throughout the African continent. By leveraging their risk, credit, and technology expertise, Finclusion Group aims to drive financial wellness and financial inclusion in Africa and to build the first truly pan-African neo bank.
"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,” stated Timothy Nuy, Co-Founder and Co-CEO, Finclusion Group. “We look forward to working with the CASF to continue building Africa's neobank,” he concluded.
"Our mission is to invest and support incredible founders building digital platforms to solve essential problems. That is exactly why we decided to invest in Finclusion Group, which is delivering compelling solutions to underserved consumers who have historically had little or no access to credit. This represents the fund’s second investment in Africa outside of Egypt and our third Fintech investment so far,” said Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.