Kenyan fintech company Finplus Group has announced its software has now processed over US$1 billion in combined transaction value in five years of operations.
Finplus is a Software-as-a-Service (SaaS) platform that 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.
Finplus hit the US$500 million transaction value mark in February 2021 and has now doubled that within 21 months. The value comprises over US$750 million in loan disbursements and over US$250 million in allocated deposits. The company has also been used by more than three million people over the last five years.
“Today, our software helps an individual or small business access credit or transact with financial institutions and suppliers every 10 seconds,” said Wilson Kageni CEO and Founder of Finplus.
He added, “We have come a long way since processing our first transaction in April 2017 and it’s all thanks to our customers trusting us to manage their relationship with millions of end customers and over a billion dollars of value. It’s an enormous responsibility and one that gives us pride as an African company building in Africa for Africans.”
Additionally, Finplus has also announced that 2022 will be its third consecutive year of profitability.
“We are a bootstrapped company that weathered the pandemic to turn cashflow positive for the first time in 2020. It turned out to be the best possible decision given the current macro climate in our industry. This evolution has made us even more resilient and optimistic about the future as we wind up our third consecutive year of profitability in 2022,” Wilson said.
Founded in 2017 by Kageni Wilson and Bernard Banta, Finplus started off at Nairobi Garage// Kilimani and provides fully-managed software to help financial services providers operate efficiently and scale cost-effectively in any market.
In 2019 Finplus opened an office in Johannesburg to lead its expansion into the Southern African market. To date, Finplus has a presence across five countries, Kenya, Uganda, Tanzania, Eswatini, and South Africa.
This expansion has helped it hit key milestones, with the Finplus software now having processed over US$1 Billion worth of transactions. This includes over 3.5 million loans issued and over US$250 million in allocated deposits.
The startup also has so far helped 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.
In 2021, the company was selected for the first-ever Google Black Founders Fund in Africa. The funding program will see Google award up to Ksh. 11 million (USD 100,000) in dilution-free funding, plus a further Ksh. 24 million (USD 220,000) in Cloud credits and Ad grants as well as technical and scaling assistance from domain experts within Google and its network.
The firm has over 50 million wallets linked to the platform and individuals to access credit and saved business customers over 1.2 million man-hours through automation.
From Nairobi Garage, it is a huge congratulations to #TeamFinplus. We are happy to see our alumni companies mark great milestones.