Tech

Kenyan startup Finplus passes $1bn transaction value mark

Finplus

Kenyan fintech startup Finplus Group has announced its software has now processed over US$1 billion in combined transaction value in five 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.

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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. 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,” said Wilson.

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.