BY TOM JACKSON
Kenyan fintech startup Finplus Group has announced its software has now processed over US$503 million in combined transaction value in less than four years of operations.
Founded in 2017 by Kageni Wilson and Bernard Banta, Finplus provides fully-managed software to help financial services providers operate efficiently and scale cost-effectively in any market.
Its Software-as-a-Service (SaaS) platform enables the easy creation, rapid launch and efficient management of digital deposit, loan and insurance products, and contains modular solutions that entirely automate or dramatically accelerate things like onboarding, KYC validation, risk decisioning, bulk collections and disbursements, and SMS and email communications.
Disrupt Africa reported in April of last year Finplus had opened an office in Johannesburg to lead its expansion into the Southern Africa market, and the startup has since gained customers in South Africa and Swaziland. This expansion has helped it hit key milestones, with the Finplus software now having processed over US$503 million worth of transactions. This includes over US$430 million in loan disbursements and over US$80 million in allocated deposits.
The startup also has so far helped over 93,000 MSMEs and individuals access credit, processing over US$200 million in transaction value as a result. It has doubled revenues and is now turning cashflow positive, in spite of having transitioned into a remote company in the wake of the COVID-19 pandemic.
“Handling half-a-billion US dollars is an exciting milestone that validates the work we do here, but for us this is more than just a number. It represents millions of economic transactions powering hundreds of thousands of livelihoods. It represents personal goals met, emergencies handled and businesses growing. It represents potentially life-altering impact in people’s lives. This is why we do it,” said Wilson.
“We thank our customers for trusting Finplus and appreciate the whole team for rallying around the cause and delivering the improbable in such unprecedented circumstances.”
Finplus has also quietly shipped a new e-commerce product, which is currently in pilot and will be publicly announced later this year.