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Absa RainFin part ways

Absa Bank, a wholly owned subsidiary of Barclays Africa Group, is to sell its 49% shareholding in South African online lending marketplace RainFin to the founding shareholders. According to a statement issued by Absa: “This transaction allows for Absa to focus on its core operations and enables RainFin, under the control of founding shareholders, to focus on building strategic partnerships aligned to its growth strategy.”

The announcement comes as a surprise. Absa acquired the 49% stake in 2014, pitching the deal as its attempt to stay on top of the peer-to-peer lending market, a market which it claimed was “here to stay”. Earlier this year, meanwhile, the FI announced a partnership with RainFin to incorporate the FinTech’s offerings into its suite of products. This would allow the bank to offer SMEs unsecured working capital loans within 48 hours after application, it said.

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