South African fintech enabler Ukheshe has attracted investment to fuel its international expansion.
Founded in 2018, Ukheshe is enabling companies in the African fintech ecosystem to deliver embedded finance that aims to close the financial inclusion gap. It serves over 100 customers across different sectors, including banks, fintechs, mobile network operators, and other small and medium-sized businesses.
The startup has begun to accelerate its international expansion, serving customers across 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, alongside funds advised 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 acquisitive expansion 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 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, that 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.”
In addition to capital, DPI will look to support Ukheshe to further institutionalise the business, achieve its ambitious organic and inorganic growth plans, create quality employment opportunities, and support the 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 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.