Finplus group, a Kenyan fintech startup, has announced its software has processed over US$503 million in combined transaction value in less than four years of operations.
The company was founded in 2017 by Kageni Wilson and Bernard Banta. It provides fully-managed software that helps financial services providers to operate efficiently and scale cost-effectively in any market.
Finplus’ Software-as-a-Service (SaaS) platform allows for the easy creation, quick launch, and efficient management of digital deposit, loan and insurance products. It also contains modular solutions that automates entirely or dramatically accelerate things like onboarding, KYC (Know Your Customer) validation, risk decisioning, bulk collections and disbursements, and SMS and email communications.
The startup last year opened office in Johannesburg in a move to lead its expansion into the Southern Africa market. Since then, the startup has gained customers in South Africa and Swaziland. Expanding has helped it (Finplus) hit key milestones, with its software now having processed over US$503 million worth of transactions. Over US$430 million in loan disbursements are included, as well as over US$80 million in allocated deposits.
Furthermore, Finplus has helped over 93,000 MSMEs and individuals access credit so far, processing over US$200 million in transaction value as a result. The startup has doubled revenues, and is now beginning to turn cashflow positive – in spite of its transitioning into a remote company in the wake of the coronavirus pandemic.
Finplus has quietly shipped a new ecommerce product, currently in pilot and will be publicly announced later this year.
Kageni Wilson, in commenting about hitting this milestone for Finplus, said; “Handling half a billion US dollars is an exciting milestone that validates the work we do here, but for us this is more than 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.”
He also thanked the startup’s customers for trusting them and appreciated the team for rallying and delivering the improbable in such unprecedented circumstances.
Kenya in focus:
Population: 52.5 million (2019)
GDP: $95.5 billion (2019)
GDP Per Capita: $1816 (2019)