Ukheshe, a South African FinTech enabler, has acquired funding to further its global development.
Ukheshe, an organization founded in 2018, gives businesses in the African FinTech ecosystem the ability to supply integrated finance with the goal of closing the financial inclusion gap. Over 100 clients from a variety of industries, including banks, fintechs, mobile network providers, and other small and medium-sized enterprises, are served by it.
With additional funding from ADP III, a fund advised by Development Partners International (DPI), a premier, Africa-focused investment firm, along with funds advised by Fireball Capital, a top South African venture capital firm, the startup has started to accelerate its international expansion, serving customers across eight countries.
The agreement, which is subject to customary closing requirements, will boost Ukheshe’s long-term growth as the company moves through with its objectives for acquisitive expansion. It also strengthens its strategy.
“Ukheshe’s mission is to transform the lives of individuals by facilitating access to critical financial products and services that support the growth and prosperity of communities globally. We have made great progress in recent years, growing our footprint, and expanding our reach across Africa,” said Clayton Hayward, Ukheshe’s founder, and CEO.
“As we continue to grow, we look forward to partnering with DPI, who as a leading Africa-focused investor, 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. As we look for new ways to build on our success, we will work together to accelerate our international strategy and reach more customers across the region.”
Along with providing funding, DPI will work to assist Ukheshe in institutionalizing the company even further, achieving its ambitious organic and inorganic development ambitions, generating great job opportunities, and promoting the financial inclusion of emerging markets. The expertise of DPI in expanding industry-focused platforms across several jurisdictions will help Ukheshe realize its strategic goals.
“Ukheshe is at the forefront of innovation in payments and FinTech, expanding financial inclusion and increasing access to affordable digital banking and payments services to customers across Africa. The business has scaled rapidly since 2018, building a strong runway for future growth as it looks to seize opportunities internationally and deploy its portfolio of solutions into diverse markets. We are excited to bring our experience in the sector and extensive market knowledge to the table, working closely with Clayton and his dynamic management team to help them realise their ambitions,” said James Griffiths, managing director at DPI.