Cairo-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 African-focused fintech platform building out a pan-African neo bank and accelerating financial inclusion in Africa by leveraging their risk, credit, and technology expertise.
The startup 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 Eastern Africa.
Finclusion is a team of fintech professionals and entrepreneurs from around the world. They’re passionate about building products that help make financial tools easily accessible for people throughout the African continent.
“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.
The funding will help Finclusion in its future geographic expansion and continue building Africa’s neobank.
The investment marks CASF’s second investment outside of Egypt, having invested in a Kenya-based FinTech startup.
Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund, 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 delivers 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.”