CASF publicizes its third funding in Africa

The Cairo Angels Syndicate Fund (CASF) has introduced an undisclosed funding in Finclusion Group, a sub-Saharan African fintech platform. 

This funding will mark CASF’s fourth general funding and third funding on the African continent. Launched in 2020 by the Cairo Angels, Egypt’s first angel investor community, CASF is a micro enterprise capital fund that’s investing $100,000–$250,000 tickets in post-seed and pre-series A startups within the Center East and Africa. 

Since launch, the fund has invested in 3 startups throughout 2 international locations together with Egypt’s Nawah Scientific, UAE’s QiDZ App, and most lately, Kenya’s FlexPay.

Finclusion Group is the newest startup to hitch CASF’s portfolio. Based in 2019 by Timothy Nuy and Tonderai Mutesva, Finclusion Group is a Mauritius-based fintech accelerating monetary inclusion in Africa with its neo-bank choices. Presently, Finclusion provides buy-now-pay-later (BNPL) companies, wage advance schemes, mortgage companies, and transactional banking to people and SMEs throughout 5 international locations—South Africa, Eswatini, Namibia, Kenya, and Tanzania.

The startup reportedly has over 240,000 prospects throughout its 5 markets and has disbursed over $310 million in loans since launch. To this point, CASF’s funding is the startup’s third elevate since launch. In September 2021, it raised $20 million in a partnership with Lendable. Months later, in January 2022, the startup introduced one other $20 million elevate in a hybrid financing pre-Collection A spherical led by Future Africa and LeadInvest. 

With its newest funding from CASF, Finclusion will proceed constructing out its product choices because it plans for enlargement into new markets. 

Talking on the funding, Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund, stated, “Our mission is to speculate and help unbelievable founders constructing digital platforms to unravel important issues. That’s precisely why we determined to put money into Finclusion Group, who’re delivering compelling options to underserved shoppers who’ve traditionally had little or no entry to credit score.”

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