MICROCAPITAL BRIEF: Fintech Finclusion Assembles $20m in Equity, Debt Investment Round for Transformation into Bank, Expansion to Mozambique, Uganda

Eight individual investors reportedly are among the equity participants in a recent funding package assembled by Finclusion Group, a Mauritius-based financial technology (fintech) firm serving five countries in Africa. A majority of the package, which totaled the equivalent of USD 20 million, was in the form of debt from unspecified “local-currency funds in Eswatini and South Africa.” Finclusion plans to use the fresh cash to