Kenyan fintech startup Finplus Group has announced that its software has now processed over US$503 million in combined transaction value in less than 4 years of operations.
“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,” said Kageni Wilson, CEO of Finplus Group.
Finplus’ Software-as-a-Service (SaaS) platform enables the easy creation, rapid launch, and efficient management of digital deposit, loan and insurance products. SaaS contains modular solutions that entirely automate or dramatically accelerate things like onboarding, KYC validation, risk decisioning, bulk collections and disbursements, SMS and email communications.
Last year in April, Finplus 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 helped Finplus hit key milestones, with SaaS now having processed over US$503 million worth of transactions, including 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 to credit, processing over US$200 million in transaction value as a result. It has doubled revenues and is now turning cash flow 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 a potentially life-altering impact on people’s lives. This is why we do it,” said Wilson.
The organization provides fully-managed software to help financial services providers operate efficiently and scale cost-effectively in any market. In 2019, Finplus was awarded as the Most Improved Digital Financial Services Brand in Kenya at the 3rd Digital Tech Excellence Awards held in Nairobi.
According to the World Bank, over 1.7 billion adults worldwide currently lack access to formal financial services. 73% of them live in 25 countries, all emerging markets across Africa, South America, and South Asia.
Despite these huge number, statistics also show that is over 36,000 Financial Services Providers (FSPs), from Banks and Microfinance Institutions (MFIs) to Credit Unions (SACCOs) and Financial Services Associations (FSAs) that are all independently working towards providing both for-profit and nonprofit financial services to as many people as possible.
However, they are facing several serious challenges, chief among them: Low capital efficiency, Broken processes, and Underdeveloped ecosystems. We believe that these particular challenges can be overcome through innovative approaches supported by the right technologies.
So instead of re-building the wheel, Finplus combines the power of its robust digital finance technologies with the existing infrastructure of Financial Services Providers globally to accelerate progress towards the goal of universal access to financial services, with a primary focus on the 25 countries that are home to 73% of the world’s unbanked adults
As a first step towards solving this problem, Finplus provides automation software for easy management of digital finance operations at scale.
Finplus makes it easier and significantly more cost-effective to provide or expand Digital Financial Services in any market by automating significant parts of a financial service provider’s front and back-office operations.
The organization also handles all the repetitive heavy lifting so Financial Services Providers can focus on their core business and serve as many people and businesses as possible, with universally accessible offerings and faster, more innovative service delivery methods.
With its operations in Kenya, Tanzania, South Africa, and Uganda Finplus software is looking forward to serving over 1,000,000 people and saving Financial Services over 300,000 man-hours.
Finplus has also quietly shipped a new e-commerce product, which is currently in pilot and will be publicly announced later this year.