Fintech investment company, Crossfin Technology, and private equity fund, Apis Growth Fund I, have announced the acquisition of local fintech company Sureswipe, along with the formation of Crossfin Transactional Solutions (CTS), a payments and merchant acquiring solutions platform.
The new platform brings together three local payment service providers (PSPs): Innervation Pan African Payments, Emerge Mobile under the brand iKhokha and Sureswipe. The new shareholders of CTS are Crossfin Technology Holdings, Apis Growth Fund I and members of the management teams.
The new consortium will have the scale to provide payment solutions to a broad spectrum of local retailers, from micro-merchants and informal traders through to larger retailers and franchises.
It also provides merchants with a range of ancillary products, including: automated lending solutions tailored to cash flow requirements of various businesses; bespoke loyalty solutions; and a comprehensive suite of value-added services designed to drive customer engagement.
CTS services over 25,000 active clients, 50,000 active card machines and R70-billion in transaction value. The company will have operations in seven African jurisdictions.
Anton Gaylard, co-founder and COO at Crossfin, said: “We will continue to invest in complementary businesses to support the team as well as partner with, or invest in, other exciting fintech companies with products and services that can be distributed across our ‘rails’ and which add value to our customers and their consumers, such as our recent investments in Retail Capital and Nobuntu.”