Adumo raises R190m
By Edlyn Cardoza
One of the leading independent payments processors, adumo, which is operating across Sub-Saharan Africa, recently announced raising R190 million with an intention to increase its shareholding and control in some of its recent acquisitions.
According to a report from FinTech Finance News, the capital raised included an equity raise from its current shareholders, Apis Partners, Crossfin Holdings, and IFC’s FinTech division, and a debt facility provided by Investec.
The funds raised will be used to increase the independent payments processor’s shareholding in GAAP, which specialises in the international hospitality industry, to 80%, helping it better the company’s growth and expansion plans.
According to media reports, adumo also plans on increasing its shareholding to 100% in Switchpay, an alternative payments provider. The alternative payments provider will provide adumo with a LenTech platform for processing BNPL transactions and any other consumer credit line options, as Switchpay was incorporated into the adumo customer-facing brand in August 2022.
adumo has processed several payment processing solutions in the past year. Mobiles can be integrated entirely into the merchants’ businesses and are available as various options to SMBs. Over the past year, the FinTech company has experienced significant growth in the South African Development Community while expanding its operations to new markets. As there has been a rising demand for flexible and mobile cashless payment options, the company aims to grow its market share in this region.
adumo is an African FinTech company and is also one of the largest payment processing partners in South Africa, with a solid footprint in Africa. adumo is well-equipped to service all business sectors. Their specialty, to date, lies in retail and hospitality like fast food & sit-down restaurants, travel, lodges, car rental, FMCG, clothing, general retail, butchers, hair salons, beauty, building & construction, pharmacy, and medical.
IBSi Daily News Analysis
February 23, 2024
Regulated firms battle surge in financial crime attempts, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage