The Kenyan startup Finplus has now processed 1 million loans for 260,000 users

Kenyan startup Finplus announced that it has processed 1 million loans for over 260,000 small businesses and individuals since it was founded 2.5 years ago.

Founded in 2017 by Kageni Wilson and Bernard Banta, Finplus provides fully managed software that helps financial services providers operate efficiently and scale cost-effectively in any market. the recent launch of enables Danish consumers to compare loans online for personal, SMS, mobile, fast, car loans and more than 20 loan categories.

Its Software-as-a-Service (SaaS) platform enables the easy creation, rapid implementation and efficient management of digital deposit, credit and insurance products and contains modular solutions that fully automate things like onboarding, KYC validation, risk decision-making or drastically accelerate, collective deposits and withdrawals as well as SMS and e-mail communication.

Fault reported in Africa Finplus opened an office in Johannesburg in April to lead its expansion into the South African market and the startup has since gained clients in South Africa and Swaziland. This expansion has helped meet key milestones, with total lending exceeding one million in the fourth quarter of 2019.

Finplus helped more than 100,000 individual MSMEs and individuals access credit in 2019, bringing the total number of borrowers who have taken Finplus-eligible loans to over 260,000. The startup processed credit worth over $ 160 million in 2019, up 250 percent from 2018.

“This is a great moment for us, and while it is quite exciting to cross the one million loan milestone, I am actually more excited about the upward trend in the average loan amount paid out on our platform, which is a history of 218 US dollars rose to $ 900 a year ago, ”Wilson told Disrupt Africa.

“The lowest range of emergency credit comes with access to low friction credit, but when you are a small business with no formal banking relationships and need larger amounts, you have very few options and many you find come with tremendous frictions be connected. This is where our customers find their success using a combination of human due diligence and relationship building that is co-piloted by Finplus automation technology. “

In 2020, Finplus plans to develop more innovative funding options for lenders to better serve MSMEs in developing countries through its first dedicated vertical lending solution that will seek to fill a specific funding gap in a huge market.

“We strive to approach such a monumental challenge in a novel way,” said Wilson.

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