CROSSFIN HOLDINGS

🥳 Wishing everyone a very happy and prosperous 2025! ICYMI: In our last newsletter of 2024, we take a moment to celebrate the incredible journey that we walked with Adumo. Driven by a long-term vision to build the biggest independent payments processor in South Africa and supported by an incredible team of investors, innovators and entrepreneurs, Crossfin's Adumo journey culminated in one of the most significant exits in our history. Get the full scoop in the link below, along with a roundup of the latest fintech news and views, including: 🚀 Tyme Group continues to grow apace, reaching the mythical unicorn status following its latest round of funding; 🚀 Prosus acquires Latin American travel agency Despegar for an eye-watering $1.7-billion; 🚀 Jumia partners with PalmPay to boost Nigeria's digital payments ecosystem; 🚀 TechCentral looks at the movers and shakers that shaped South African news in 2024; and 🚀 Start the year with a snapshot of some of the good news stories that get lost in the headlines. Wishing all our partners, friends, colleagues and collaborators a wonderful start to the new year! https://lnkd.in/d95jfPXw

Amazing to follow … well done team Apis Partners … onwards and upwards 😎👊🚀

Long seen as a poster child of telecoms and mobile payment innovation, Kenya's Safaricom has lately emerged as a vital driver of socio-economic impact. By integrating its commercial success through its innovative services such as M-PESA, Safaricom has enhanced financial inclusion and stimulated economic growth in its key markets. Could South Africa's powerful telecoms companies learn from Safaricom's example? There's growing evidence that the country's economic revitalisation needs the support of business-led development that help address socio-econmomic challenges while still maintaining a healthy and sustainable bottom line. Read the full article in this week's #Crossfin #newsletter. And don't miss our roundup of the most essential fintech news and views, including: 💡Real-time payments platform Payshap is getting a substantial upgrade, with its newly-launched 'Payshap Request' enabling users to send instant payment requests through their banking channels; 💡Apis Partners has just led a $55m Series A funding round for KPay to support the company's expansion into key Asian markets, eyeing a target of supporting a million merchants over the next five years; 💡Bitcoin continues its wild ride, with the cryptocurrency edging past $100 000 following the recent US elections; 💡Consulting firm McKinsey has agreed to a R1.1-billion settlement with South Africa stemming from its involvement in state capture during the Zuma presidency; and 💡South Africa could play a vital strategic role on the global stage in 2025 as it assumes the G20 presidency - at a time when incoming US President Donald Trump is set to disrupt global trade through promised tarriffs. Get the full scoop below 👇and don't forget to subscribe to receive your weekly dose of fintech news and views. https://lnkd.in/dxWaRdib

Too many South Africans experience financial stress, which can lead to mental health issues. This Mental Health Awareness Month, it's time to build a culture of openness around money management and share the information we all need to gain control of our finances 🤔 That's why we're grateful for Old Mutual South Africa's On the Money programme, which starts powerful conversations that help the #iKTribe build better relationships with money. #mentalhealthawareness

It's official: after years of planning, hard work, vision and strategy, the acquisition of Adumo by Lesaka Technologies is complete. It's always a bittersweet moment when one of the Crossfin Armada leaves our shores to chart a new course. We wish Paul Kent and his incredible team all the best on the new adventure! In other news this week, we look at TymeBank's incredible success, with its 10 million customer base growing rapidly as it continues its international expansion. Catch the full scoop in this week's newsletter, along with the latest fintech news and views, including: ▶ Mastercard has launched a real-time card payment solution to modernise South Africa's payment systems; ▶ A new $17.3m seed fund has launched in a boost to South African startups, and is expected to support at least 50 startups focused on innovation and transformation; ▶ Ripple has gotten the nod from authorities in Dubai, marking an important step towards expanding its operations to the UAE; ▶ Peach Payments partners with Sukhiba to boost WhatsApp commerce for South African merchants; and ▶ US retailer Costco has sold out its gold bars in record time, as consumers eye the precious metal for its perceived safety during uncertain times. Get it all in this week's #Crossfin #newsletter - link below 👇 https://lnkd.in/eAPyW4zx

Throughout the Crossfin portfolio, the companies that form part of the #Armada 🚢 have worked tirelessly to displace cash 💸 and drive financial inclusion for millions of underserved customers. And in case you missed it, these efforts are bearing fruit in the most extraordinary ways. From the rapid growth in digital payments - from mobile money to contactless payments and QR codes - to the rise of embedded finance and payments-as-a-service, Africa's payments landscape is being transformed at pace. In today's Crossfin #newsletter, we look at some of the driving forces in Africa's payments revolution, including the rapid payments initiatives that are enabling the digitisation of high-frequency, low-value payments. Read all about it by following the link below, and don't miss a roundup of other essential news, including: 💡 The UN has published its Global Digital Compact which aims to create an "open, safe and secure digital future for all"; 💡 Lesaka Technologies CEO Lincoln Mali says "profound changes" are coming to South Africa's payments industry as the Reserve Bank considers new measures to speed up the digitalisation of the country's payments system; 💡 Visa is acquiring Featurespace, a payment fraud protection provider, for $1-billion; 💡 Flutterwave is expanding its Send App to more US states to enable seamless money transfers to Africa; and 💡 Serial tech investor Kevin Ryan shares some secrets to the optimal time to sell your company. Read it all here: https://lnkd.in/d5fGjbdA

We always love to see the #Crossfin #Armada being recognised for innovation, and a prestigious international award is surely cause for celebration. adumo Payouts was recently recognised for its integrated card-based incentive payout solution for Kumba Iron Ore's Kolomela Mine, winning a Gold Quill Award for Digital Media Communications for Kumba's internal employee application Engage. Well done to Steve Mallaby and team. Onwards and upwards 🚀 In this week's #newsletter, we also celebrate Sybrin's newly-enhanced product portfolio with the introduction of two refined technology stacks delivering more robust and efficient solutions. In other news: 💡 Mukuru is delivering cross-border fintech products through cloud and DevOps; 💡 the Johannesburg Stock Exchange has introduced a cloud-based marketplace in a boost for the overall integrity and efficacy of the market; 💡 Ghana's Fido raised $30m in debt and equity to extend its AI-powered lending services across Africa; 💡 European VC Atomico closes a $1.24-billion funding round for early- and growth-stage startups; and 💡 Brazil bans Elon Musk's X, citing disinformation concerns. Catch it all in this week's newsletter - link below 👇 https://lnkd.in/dGRzq9rJ

Artificial Intelligence has been hailed as the defining technology of our age. Interest in AI and its applications continue to grow. With some echoes to the dotcom boom of the late 90s, AI is on every analyst and CEO's lips. And for good reason. The GSMA believes AI could support the transition of South Africa's key industries by boosting efficiency, sustainability and resilience. Another report found that African banks that embrace cloud and AI unlock better customer experiences and greater innovation. Whether you believe AI is stuck in a hype cycle or is truly the defining innovation of our era, there's lots to learn about the tech world's new darling. Get the scoop on AI in fintech in this week's #Crossfin #newsletter. And don't miss our roundup of essential news, including: 💡The Competition Commission has given the green light to Lesaka Technologies to buy independent payments processor Adumo; 💡TymeBank is accelerating its international expansion with a planned launch in Indonesia as it continues its focus on the Southeast Asian market; 💡A new report predicts that ecommerce will continue to grow in Africa, with nearly half its population of 1.4 billion to have engaged in purchasing services online by next year - up from only 13% in 2017; 💡Paystack reaches a milestone by processing N1-trillion in transactions for the first time in July; 💡Digital payments company Revolut has become Europe's most valuable private company following a $500m employee share sale; and 💡An appeal has been made to corporate South Africa to better understand the country's township economy. Get the full scoop in the link below 👇 and don't forget to subscribe for your weekly dose of fintech news and views. https://lnkd.in/diTZ2Xj6

What motivates the head of one of the world's largest and most effective humanitarian organisations? At the recently held Crossfin Quarterly Review meeting, we had the immense privilege of hosting a fireside chat with Imtiaz Sooliman, founder of Gift of the Givers. In a fascinating discussion, Imtiaz shared the origins of his organisation, the driving forces behind its success, and the importance of investing in people to ensure the organisation can achieve its goals of helping those in need following a disaster. You can watch the full discussion with Imtiaz in this week's #Crossfin #newsletter - we highly recommend it! Also don't miss out on the latest news and views from the world of #fintech, including: ✖︎ Web3 startup Momint is accelerating its global expansion following the awarding of a grant from the Dfinity Foundation, a Swiss non-profit known for its focus on blockchain; ✖︎ SA crypto asset platform Mesh has raised R30m in its latest capital raise; ✖︎ African nations are increasingly turning to gold as a means of protecting against currency losses, with countries including South Sudan, Zimbabwe and Nigeria shoring up their holdings in gold recently; ✖︎ India is emerging as a global leader in real-time payments and digitalisation, according to a new RBI report; and ✖︎ Elliott Management, a US hedge fund, has told investors Nvidia is in a bubble and that the AI tech driving the company's record share price gains is "overhyped". Get the full scoop in this week's newsletter (link below) and remember to subscribe to get your weekly dose of fintech news and views delivered directly to your inbox. https://lnkd.in/dUcJdtrF

It's our first newsletter since the 6th Crossfin Annual Conference at the end of May, and we're still buzzing with excitement at what was our biggest and best gathering yet. If you missed out, keep an eye on our website and social channels as we start sharing some of the great insights and highlights from this year's event. And remember to put a pin in 28-30 May 2025 for next year's conference! In this week's newsletter, we take a look at why South Africa's digital banking outperforms other nations, and keep an eye on TymeBank as it aims for a $150m Series D round ahead of its planned IPO in 2028. In other news: # Demand for Krugerrands keeps growing as investors seek to mitigate currency volatility and devaluation; # Power utility Eskom could reinvent itself and return to the glory days of old as the hard work of improving maintenance and stability starts paying off; # Visa believes digital wallets could drive financial inclusions and accessibility for all; # Economic growth tops the agenda for South Africa's newly-formed government of national unity following the landmark 2024 national elections; and # The Money 20/20 Europe conference wraps up, with fintechs and other innovators across EMEA showcasing how they intend to push the boundaries of the financial landscape. Get it all in this week's newsletter in the link below and remember to subscribe to receive your weekly dose of fintech news and views delivered straight to your inbox. https://lnkd.in/dJTsWBjD