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South African Fintech Ukheshe secures funding, eyes international expansion

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Home Tech News Africa Tech News

South African Fintech Ukheshe secures funding, eyes international expansion

Felicia Akindurodoye by Felicia Akindurodoye
December 31, 2022
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South African Fintech Ukheshe secures funding, eyes international expansion
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Ukheshe, a South African-based fintech enabler, secures funding from Fireball Capital and Development Partners International (DPI) to finance its expansion goals throughout Africa and beyond.

Ukheshe, an organization founded in 2018, gives businesses in the African fintech ecosystem the ability to supply embedded finance to close the financial inclusion gap.

The startup has started to accelerate its international expansion, serving clients in eight countries, thanks to additional funding from ADP III, a fund advised by Development Partners International (DPI), a leading, Africa-focused investment firm, as well as funds advised by Fireball Capital, a top South African venture capital firm.

Read also: South African fintech, Ukheshe appoints New COO

Expansion Strategy

To bridge the financial inclusion gap, Ukheshe is creating innovative approaches for companies to supply so-called “embedded finance” (the integration of a financial product into a non-financial consumer experience).

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The business provides services to clients in a variety of industries, including banks, fintech, mobile network carriers, and small and medium-sized enterprises. The business offers technologies so that its customers can deliver their fintech services.

Ukheshe asserts that although the continent’s fintech and payments ecosystems are expanding quickly, the industry is still in its infancy and many underserved populations continue to lack access to basic financial services and products.

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 potential to make the biggest impact as innovation continues to disrupt established players and drive growth in emerging markets.

The company thinks it is at the forefront of the financial transition thanks to its unique BaaS Eclipse API platform and cutting-edge embedded finance solutions.

“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,” founder and CEO Clayton Hayward.

Ukheshe Technologies To Expands with Amazon Web Services (AWS)

Ukheshe Expansion Attracts Partnership

Today, the Ukheshe Group, a prominent provider of Banking as a Service (“BAAS”) with headquarters in the UK, announced the signing of an investment agreement that will hasten the company’s global expansion.

ADP III, a fund advised by DPI, a prominent, Africa-focused investment company with $3 billion in assets under management and co-investment, coupled with funds advised by Fireball Capital, a top South African venture capital firm, will lead the investment. The transaction, which is still subject to customary closing conditions, will assist Ukheshe’s long-term growth as the company moves forward with its plans for acquisitive expansion.

Ukheshe will be able to continue advancing its international aspirations thanks to the anticipated investment from DPI and Fireball Capital. Ukheshe is in a good position to widen its reach and enter supplementary sectors that share the same difficult problems as its core markets.

DPI will work to assist Ukheshe in addition to providing financing so that it may further institutionalize the company, accomplish its ambitious organic and inorganic growth ambitions, generate great employment opportunities, and boost emerging market financial inclusion. Ukheshe will be helped in realizing its strategic goals by DPI’s expertise in developing industry-focused platforms across several countries.

“Ukheshe is not only an innovative, high-growth company with a great management team, but it is also playing a critical role in broadening affordable access to financial services to the underserved, underbanked, and unbanked populations in Africa. Our planned investment in Ukheshe is in line with our investment mandate of giving South African institutional investors access to the best technology-enabled businesses that are solving real-world problems, particularly in the financial services, education, and healthcare sectors. We look forward to partnering with the Ukheshe management team and DPI in the next growth phase of the business.”

Fireball’s CEO, Paula Mokwena, explains.

Throughout the acquisition, Royal Park Partners served as Ukheshe and its stockholders’ only financial advisor.

Tags: FintechSouth AfricaUkheshe
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

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