Kenya-based startup, FinAccess has raised $500,000 in a new funding round led by HAVAÍC via the venture capital firm's allocated $20 million HAVAÍC Universum Core African Fund .

FinAccess digitises Savings and Credit Cooperative Organisations (SACCOs) and farming cooperatives in the East Africa region. The startup was founded by CEO Barclay Paul Okari in 2017, FinAccess offers a market-leading, fully proprietary SaaS solution to SACCOs and co-ops. 

FinAccess boast of two core products which are banking software solution Fincore and agricultural software solution Grobox. While FinCore digitises and automates the entire financial back office and product functions of SACCOs, Grobox exists as an operational management software solution for co-ops, which tracks and records inventory, production, sales, payments, and finance data. 

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According to FinAccess, the funding will aid the startup in cementing its market leadership in Kenya while also exploring other expansion opportunities in other markets. Live pilots are already underway in Uganda, with Zambia, Rwanda, and Tanzania launching in the coming months. 

“Financial inclusion for underserved Africans is at the heart of our business,” said Barclay. “Digitisation ultimately releases credit and other vital financial services so farmers can increase productivity and efficiency. We are very excited to partner with HAVAÍC and bring our software solutions to more African communities,” he concludes.

Rob Heath, partner at HAVAÍC, said FinAccess was solving critical problems for Africa’s underserved communities.

“The team’s growth and ability to perform over the last few years has been incredible to watch, and there is so much scope to continue growing across Kenya and beyond. FinAccess is 100 per cent aligned with our investment thesis to make an impact by supporting early-stage, high-potential companies that solve real-world challenges through technology. We look forward to supporting their unfolding growth journey,” he said.