Ukheshe International, the UK-headquartered division of South African-founded fintech Ukheshe Group, has raised money from Development Partners International (DPI) and Fireball Capital to fund its growth plans.
The value of the investment, which not been disclosed, is being led by ADP III, a fund advised by DPI, which has US$3-billion in assets under management and co-investment, and which is focused on African opportunities.
Funds advised by Fireball Capital, a South African venture capital firm, are also being invested in Ukheshe International as part of the round. The transaction is subject to “customary closing conditions”.
Founded in 2018, Ukheshe’s is developing new ways for businesses to develop their financial services offerings. It has 100 customers, including banks, fintechs and mobile network operators and, besides South Africa and the UK, has operations in Mauritius, Kenya and the United Arab Emirates.
In a statement, Ukheshe said the planned investment will allow Ukheshe to grow its international operations. “Ukheshe is well positioned to expand its footprint, entering complementary markets which are facing the same complex challenges that exist in its core markets,” it said.
“As innovation continues to disrupt established players and drive growth in emerging markets, there are opportunities for software innovators like Ukheshe to pioneer solutions to critical problems, provide value for customers and support communities in markets where technology has the power to make the biggest impact.”
The company develops a proprietary banking-as-a-service platform, the BAAS Eclipse API.
Ukheshe CEO Clayton Hayward said in the statement: “We have made great progress in recent years, growing our footprint, and expanding our reach across Africa.
“As we continue to grow, we look forward to partnering with DPI, which … brings international market knowledge and experience in investing and creating value across the continent. Combined with the deep local market understanding of Fireball Capital, which has a track record of seizing opportunities in the fintech space, we are excited about Ukheshe’s future.” — © 2022 NewsCentral Media