Specialist ICT investment firm Convergence Partners today announced R76 million ($5 million) further funding for its stake in fintech ChannelVAS (CVAS).
The Andile Ngcaba-controlled company says it exercised preferential and exclusive rights to acquire the stake as a result of an intra-consortium rebalancing of the holdings of another member of the Ethos consortium through which Convergence Partners is partially invested.
CVAS is a fintech provider of mobile financial services across Sub-Saharan Africa and beyond. In a statement, Convergence Partners says the business continues to “deepen its position as a global leader in airtime credit solutions to its partner mobile network operators while building out a pipeline of exciting new scalable products”.
Brandon Doyle, CEO of Convergence Partners, comments: “We are very pleased to have been able to top up our investment in ChannelVAS. This is a business we feel particularly excited about as it ticks a number of boxes for us as an investor; the success of the business demonstrates the capacity of digital data and AI technologies to deliver meaningful and robust solutions to meet the real financial needs of underserved customers in the markets it serves.
“This substantial development impact comes coupled with rapid, profitable growth and dominant scale in the business’s chosen solutions, a focused, top-quality management team, substantial future scale and growth prospects, solid and proven execution capabilities and delivery of market leading metrics.”
Share