Finplus, Kenyan Startup Reaches $1bn Transaction Value Mark
The Kenyan fintech firm Finplus Group has claimed that after five years of operation, its platform has processed transactions worth over US$1 billion.
Finplus, a company founded in 2017 by Kageni Wilson and Bernard Banta, offers fully-managed software to assist financial service providers in running their businesses effectively and expanding in any market.
With modular solutions that completely automate or noticeably accelerate processes like onboarding, KYC validation, risk decisioning, bulk collections and disbursements, and SMS and email communications, its Software-as-a-Service (SaaS) platform makes it simple to create digital deposit, loan, and insurance products and enables their quick launch and efficient management.
Finplus reached a transaction value milestone of US$500 million in February 2021, and has since doubled that amount in just 21 months. Over US$750 million in loan disbursements and over US$250 million in designated deposits make up the value. Over the past five years, more than three million consumers have used the company.
“Today, every 10 seconds, our software enables a person or a small business to access credit or conduct a transaction with a financial institution or a supplier. Since processing our first transaction in April 2017, we have come a long way. This is all due to the fact that our customers have trusted us to manage their relationships with millions of end customers and more than a billion dollars’ worth of value. As an African enterprise creating in Africa for Africans, we take great satisfaction in this immense duty, added Wilson.
Additionally, Finplus stated that 2022 will mark the company’s third straight year of profitability.
“As a bootstrapped business, we survived the epidemic and will have positive cash flow for the first time in 2020. Given the macro environment that exists in our industry right now, it proved to be the ideal choice. As we approach our third consecutive year of profitability in 2022, this evolution has strengthened our resiliency and given us greater optimism for the future,” Wilson said.
