Fintech Start-Up Adumo Manages To Secure R225 Million In New Funding From The IFC
Fintech Start-Up Adumo Manages To Secure R225 Million In New Funding From The IFC. South African fintech group Adumo on Tuesday (9 March), announced R225 million ($15 million) in new funding from IFC, a member of the World Bank Group, and the IFC Financial Institutions Growth Fund to expand access to electronic payment solutions.
“The pandemic and associated impact on consumers and businesses are transforming the face of the payments industry with interest in cashless payment services at an all-time high. The funds we have raised from our new equity partners will help us roll out new payment innovations and purpose-based lending services to support consumers and retailers as they navigate an uncertain 2021,” Paul Kent, CEO at Adumo, told Economy24.
Adumo is South Africa’s largest independent payments processor trusted by retailers across Africa. Whether its clients are a large multi-national, independent retailer, entrepreneur or informal trader, it has the technology and expertise to help them grow and expand in an ever-changing environment.
Adumo is more than just payment solutions as it provides the expertise to make smart payment acceptance decisions that work. Its eco-system offers its client’s working capital requirements, consumer engagement platforms, business support solutions, an in-store consumer credit platform, retail point of sales software and hardware, customer analytics, electronic voucher distribution and private label card issuing, all from a single provider.
“Through this investment in Adumo, we will be helping small businesses tap into the digital economy, which is more important now than ever before. Digital payments are often the first step for a small business to build a credit history, which opens the way to access further financial services such as financing to grow the business.” said Sérgio Pimenta, IFC’s vice president for the Middle East and Africa.
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States. It was established in 1956, as the private-sector arm of the World Bank Group, to advance economic development by investing in for-profit and commercial projects for poverty reduction and promoting development.
