SA fintech startup Ukheshe raises funding to drive international expansion
South African fintech enabler Ukheshe has attracted investment to fuel its international expansion.
Founded in 2018, Ukheshe enables companies in the African fintech ecosystem to deliver embedded funding that aims to close the financial inclusion gap. It serves over 100 clients across various sectors, including banks, fintechs, mobile network operators and other SMEs.
The startup has begun accelerating its international expansion, serving clients in eight countries, and will do so with additional capital from ADP III, a fund advised by Development Partners International (DPI), a premier Africa-focused investment firm, along with funds which is recommended by Fireball Capital, a 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,” says 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 experience in 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.”
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 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. The business has scaled rapidly since 2018, building a strong runway for future growth as it looks to to seize opportunities internationally and deploy its portfolio of solutions to different markets We are excited to bring our sector experience and extensive market knowledge to the table and work closely with Clayton and his dynamic management team to help them realize their ambitions, says James Griffiths, CEO of DPI.
