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Tuesday, 31 May 2022

Cairo Angels Syndicate Fund invests in Africa-focused fintech

Cairo Angels Syndicate Fund (CASF) is making a USD six-figure investment in Africa-focused fintech startup Finclusion Group, which uses AI to provide financial services products, according to a statement (pdf). This is CASF’s second investment outside of Egypt and their third fintech investment, according to the release.

About Finclusion: The startup is looking to drive financial inclusion by providing financial tools such as earned-wage access (which gives employees access to their pay as soon as they’ve earned it), buy-now-pay-later options, and direct credit to its clients in South Africa, Eswatini, Namibia, Kenya, and Tanzania. Finclusion also hopes to build the first pan-African neo bank, according to the statement.

The company has raised USD 40 mn since September: Earlier this year, the company raised USD 20 mn in debt and equity pre-series A financing, just four months after closing a USD 20 mn funding round led by fintech debt financing provider Lendable.

This is CASF’s third investment this year, by our count: The VC fund participated in Orcas’ USD 2.1 mn pre-series A round and made a second investment in scientific research startup Nawah Scientific.

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