FinTech Enabler Ukheshe International raises global funding to drive international expansion

Ukheshe International, the UK-headquartered division of the digital-first, Banking as a Service (BAAS) enabler The Ukheshe group (Ukheshe), today announced the conclusion of an investment agreement which will help to accelerate the international expansion.

The venture will be led by ADP IIIa fund advised by Development Partners International (DPI), a premier Africa-focused investment firm with $3 billion in assets under management and co-investment, together with funds advised by Fireball Capitala leading South African venture capital firm.

The deal, which is subject to customary closing conditions, reinforces Ukheshe’s strategy and will support its long-term growth as the business continues to drive forward its acquisition plans.

“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 strides in recent years, increasing our footprint and expanding our reach across Africa.” Clayton Hayward, Ukheshe founder and CEO said.

“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.”

Founded by four founders in 2018, Ukheshe was established to drive financial inclusion across Africa and beyond, by creating new ways for businesses to develop and expand their financial services.

Since its founding, Ukheshe has scaled rapidly, and today serves over 100 clients across various sectors, including banks, fintechs, mobile network operators and other SMEs. Ukheshe also continues to expand its international footprint with operations in Mauritius, Kenya and UAE.

The payments and fintech ecosystems in Africa are growing rapidly, but the sector remains underdeveloped, with many communities still lacking access to critical financial products and services. Through its proprietary BAAS Eclipse API platform and innovative embedded finance solutions, Ukheshe is at the forefront of this fintech evolution.

As innovation continues to disrupt incumbents and drive growth in emerging markets, there are opportunities for software innovators like Ukheshe to pioneer solutions to critical problems, deliver value for customers and support communities in markets where technology has the power to have the greatest impact.

Ukheshe is well positioned to continue to respond to evolving customer demands by implementing cutting-edge technologies to enable the delivery of seamless fintech solutions.

The planned investment from DPI and Fireball Capital will enable Ukheshe to continue to develop its international ambitions.

Ukheshe is well positioned to expand its footprint by entering complementary markets that face the same complex challenges found in Ukheshe’s core markets.

“Ukheshe is at the forefront of innovation in payments and fintech, expanding financial inclusion and increasing access to affordable digital banking and payment services for customers across Africa.” James Griffiths, CEO of DPI, said.

“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 to different markets.

“We are excited to bring our experience in the sector and extensive market knowledge to the table, and work closely with Clayton and his dynamic management team to help them realize their ambitions.”

In addition to capital, DPI will look to support Ukheshe to further institutionalize the business, achieve its ambitious organic and inorganic growth plans, create quality employment opportunities and support financial inclusion of emerging markets.

DPI’s experience in scaling industry-focused platforms across multiple jurisdictions will support Ukheshe in achieving its strategic ambitions.

“Ukheshe is not only an innovative, high-growth company with a great management team, but also plays a critical role in expanding affordable access to financial services to the underserved, underbanked and unbanked populations in Africa,” Paula Mokwena, CEO of Fireball said.

“Our planned investment in Ukheshe is in line with our investment mandate to provide South African institutional investors with access to the best technology-enabled businesses solving real-world problems, particularly in the financial, education and healthcare sectors.

“We look forward to working with Ukheshe management and DPI in the next phase of business growth.”

Royal Park Partners acted as exclusive financial advisor to Ukheshe and its shareholders throughout the transaction.