Andile Ngcaba’s Convergence Partners is investing $20m (about R255m) in Venture Garden Nigeria (VGN), a diversified financial technology company with operations in Africa’s most populous market.
The “strategic minority” stake is being bought through the Convergence Partners Communications Infrastructure Fund, which is dedicated to technology infrastructure investment in Africa.
VGN is a holding company for a group of financial technology entities that provide platforms addressing reconciliation and payment processing inefficiencies in a number of industries.
“Current solutions are tailored for financial services, education, aviation, power, downstream oil and gas, and cybersecurity,” Convergence Partners said in a statement.
“The injection of substantial new equity capital into VGN will allow the company to accelerate its growth plans domestically in Nigeria, and across the West African region.”
Convergence Partners recently announced the final close of the Communications Infrastructure Fund, with capital of more than $200m raised. The company recently opened an office in Lagos.
“Convergence Partners’ local presence will enhance the management and monitoring of portfolio companies in this key region as well as well its on-the-ground transaction capability,” it said. – © 2015 NewsCentral Media
- Image: Nicolas Raymond