(Ecofin Agency) - As part of its Southern and East African expansion, Finclusion Group recently raised $20 million from Lendable, which supports fintech lenders in pre-frontier, frontier, and emerging markets.
Financial technology company Finclusion Group has acquired for an undisclosed amount a minority stake in HelloHR, a South African payroll software startup. HelloHR provides a cloud-based payroll solution that connects accountants, organizations, and employees. The solution is accessible via a mobile app and automates the payroll process, including necessary leave and tax adjustments. It works to save time and reduces the risk of human error while providing a platform for administrators to relay all payroll-related information.
The entry of Finclusion into HelloHR's capital is in line with the group's strategy to offer holistic financial products to ensure financial inclusion on the continent. In particular, HelloHR's customers will have access to the financial wellness and insurance products offered by Finclusion.
"HelloHR will contribute to the Finclusion Group platform, strengthening all offerings through improved customer experience and increased customer retention rates. The relationship allows the group to provide employers in SmartAdvance (an online credit provider owned by Finclusion, ed) access to payroll services,” said Timothy Nuy, CEO of Finclusion.