Finclusion Group, which is boosting financial inclusion in Africa, has rebranded to Fin and closed a $2m equity round.
This rebrand will also include its subsidiaries. TrustGro will become Fin Kenya, Fikia Finance is now Fin Tanzania and Fin South Africa. This move comes as a way to consolidate its footprint across Africa under one identity and highlight its ambition of being a leading international neobank across Eastern and Southern Africa.
The $2m investment was supplied by existing investors Leonard Stiegeler, who is also joining the board of the company, as well as Sudeep Ramnani and Jai Mahtani.
Fin has earmarked the capital to add new territories to its business, as well as create new offerings. One area it is particularly interested in is the support of microfinance banks.
The mission of Fin is to â€˜enhance the quality of life of its customers through simple, convenient, and appropriate financial services.â€™ To reflect this, its new slogan is ‘ Simply Smarter Financeâ€™.
Fin previously raised $20m in funding from Andela and Flutterwave co-founder Iyin Aboyeji, LendInvest founder Christian Faes and ComplyAdvantage founder Charlie Delingpole, and others.
The neobank currently offers credit, insurance, BNPL and other financial services. In the new year, the company hopes to provide microfinance banks with tools to improve their operations. For example, services to allow higher credit or better savings tools.
Speaking on the rebrand, Fin co-founder and co-CEO Tonderai Mutesva said, â€œThis brand integration is an important step in cementing Fin as the leader in the neobanking space in East & Southern Africa. We have fantastic leadership and a strong team across our markets, and with our joint brand and platform, we will continue to expand.â€
During the first nine months of 2022, over 400 investors backed African FinTech companies, with a 12% increase on the same period in 2021.
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