Cairo-based fund invests in South African fintech company
The Cairo Angels Syndicate Fund (CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa, announced an investment in the fintech start-up 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, buy-now, pay-later (BNPL) and direct credit to its clients with a presence in South Africa, Eswatini and Namibia in Southern Africa, and Kenya and Tanzania in East Africa.
“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 of 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.
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