Mauritian company raises $20m to build out African Neobank

Mauritius-based company, Finclusion Group, has secured $20 million in funding from investors in its latest capital raise. The African-focused FinTech platform crafts neobank offerings for its users.

Finclusion said it will use the cash to expand into Mozambique and Uganda and grow its operations in Eswatini, Kenya, South Africa and Tanzania. In addition, the new capital will be earmarked for product expansion across the firm’s wage streaming and buy now, pay later (BNPL) offerings.

This latest Infusion of capital comes as BNPL products that allow consumers to pay their bill in interest-free installments, are becoming more attractive to consumers in Africa.

The service is reportedly gaining traction in many countries as digitally savvy and highly unbanked populations look to take advantage of the innovative payment solution.

Original article at pymnts.com