Patrice Motsepe’s African Rainbow Capital Is Set To Acquire Fintech Start-Up Crossfin
Patrice Motsepe’s African Rainbow Capital Is Set To Acquire Fintech Start-Up Crossfin. It has been reported that Patrice Motsepe’s investment company African Rainbow Capital is set to acquire fintech startup Crossfin for R1. 5 billion. The deal involved a Consortium of investors.
The Consortium included Ethos’ Mid-Market Fund I (“EMMF I”) and includes the founding Crossfin executive management team, EMMF I Co-Investors, Ethos Artificial Intelligence Fund I, and leading empowerment investor African Rainbow Capital (“Consortium”). Independent investment banking firm Fairview Partners acted as Financial Advisor on the Transaction. By 2022 Crossfin Technology is targeting to be Africa’s leading independent Fintech group as measured by both the volume and value of transactions processed through our platforms, driven by the continued introduction of products, services & customers facilitating the ongoing growth of the digital commerce ecosystem.
This purchase will see the fintech secure the finding it requires in order to build the next phase of the business. This is great for the company as it will have the resources to implement the plans it has for the future. This fintech is all about creating value for the people and with more resources its set to make a significant impact in society. Crossfin is on track through both the organic growth of its existing portfolio assets and its planned acquisition pipeline to be Africa’s leading Independent FinTech Group within the next 5 years. Crossfin backs innovative companies that focus on solving specific everyday pain points that are not adequately covered by existing products in the market.
According to Crossfin currently its portfolio processes over 134 million card and 20 million mobile-enabled payment transactions per annum with an aggregated value of over R79 billion ($5.64 billion). Crossfin offers investors exposure to the exciting and fast-growing African FinTech sector through a portfolio of assets presenting various exit scenarios including IPO and/or trade sales.
