Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Solly Malatsi seeks out-of-court deal in TV migration fight

      15 July 2025

      South Africa’s telcos battle to monetise 5G as 4G suffices for most

      15 July 2025

      Major new electric car brand launching in South Africa

      15 July 2025

      MTN empowerment investors see ‘modest’ return as Zakhele Futhi winds up

      15 July 2025

      Eskom wants your solar system registered – but what does that actually mean?

      15 July 2025
    • World

      Grok 4 arrives with bold claims and fresh controversy

      10 July 2025

      Samsung’s bet on folding phones faces major test

      10 July 2025

      Bitcoin pushes higher into record territory

      10 July 2025

      OpenAI to launch web browser in direct challenge to Google Chrome

      10 July 2025

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025
    • In-depth

      The 1940s visionary who imagined the Information Age

      14 July 2025

      MultiChoice is working on a wholesale overhaul of DStv

      10 July 2025

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025
    • TCS

      TCS+ | MVNX on the opportunities in South Africa’s booming MVNO market

      11 July 2025

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025

      TCS+ | First Distribution on the latest and greatest cloud technologies

      27 June 2025
    • Opinion

      A smarter approach to digital transformation in ICT distribution

      15 July 2025

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Fintech » Fintech Crossfin sold in R1.5-billion deal

    Fintech Crossfin sold in R1.5-billion deal

    By Duncan McLeod24 November 2021
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Crossfin Technology Holdings, a South African fintech investment firm, has been acquired by a consortium of investors, including Patrice Motsepe’s African Rainbow Capital (ARC), for R1.5-billion.

    The consortium is led by Ethos’s Mid-Market Fund I and includes the founding Crossfin executive management team, EMMF I co-investors Ethos Artificial Intelligence Fund I, and empowerment investor ARC. Fairview Partners acted as financial advisors for the transaction, which will see the exit of founding investors Capital Eye Investments and the Multiply Group.

    “The transaction is considered a landmark deal in the fintech industry and will see Crossfin secure the required capital to pursue the next phase of its growth,” Crossfin said in a statement on Wednesday.

    “The transaction is one of the largest private equity-led investments in the fintech sector in South Africa to date and offers the consortium exposure to an industry that has and is expected to continue benefitting from, among others, the secular trends of digitalisation and proliferation of payments technologies.”

    Crossfin operates mainly in South Africa and has a particular focus on payment technologies and smart funding. It has three main pillars:

    • Payment technologies: It’s main investment here is Adumo, an independent, omnichannel payment-acquiring business in South Africa processing about 200 million payment transactions a year across 50 000 merchants. Adumo owns the well-known payments brand iKhokha. The segment also includes Crossgate Holdings, which specialises in card issuing for retailers, banks and non-bank financial institutions.
    • Smart funding: Crossfin is an investor in Retail Capital, which uses transactional data to provide funding to small, medium and micro enterprises, a segment that is “underpenetrated by conventional financial institutions and where a significant funding gap exists”. Retail Capital’s business model is anchored around its “Low Touch Merchant Cash Advance” product, “leveraging its proprietary technology platform to analyse transactional payment data of merchants to determine repayment capabilities and to extend funding accordingly”.
    • Venture capital: Crossfin Ventures (CV) is the venture capital arm of the Crossfin Group. “Despite being the smallest of the three current segments of Crossfin (estimated to be less than 5% of value), CV plays a critical role within the Crossfin ecosystem by allowing the company to gain early-stage exposure to emerging trends in the fintech industry,” Crossfin said.

    In addition to these three segments, Crossfin is in the process of acquiring Sybrin, a “low-code and artificial intelligence-enabled enterprise software business targeting the financial sector with a focus on automation and the use of AI and machine learning to achieve efficiencies for its clients”.

    The new investors will provide growth capital to allow Crossfin to invest organically and pursue new opportunities across South Africa and the rest of Africa.  – © 2021 NewsCentral Media



    African Rainbow Capital ARC Capital Eye Investments Crossfin Crossfin Technology Holdings Ethos Multiply Group Patrice Motsepe
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleSA-born Google VP John Solomon on the future of Chromebooks
    Next Article Wiocc raises R3.2-billion as it pursues Africa data centre opportunity

    Related Posts

    Patrice Motsepe’s ARC values Rain at R25.9-billion in latest report

    18 March 2025

    Rain investor ARC Investments to pursue JSE delisting

    18 March 2025

    TymeBank’s big growth plans: Q&A with CEO Karl Westvig

    20 December 2024
    Company News

    Mental wellness at scale: how Mac fuels October Health’s mission

    15 July 2025

    Banking on LEO: Q-KON transforms financial services connectivity

    14 July 2025

    The future of business calling: Voys brings your landline to the cloud

    14 July 2025
    Opinion

    A smarter approach to digital transformation in ICT distribution

    15 July 2025

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.