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South Africa’s fintech Ukheshe to seek $100m for acquisitions

By David Whitehouse
Posted on Monday, 11 October 2021 15:51

Ukheshe non-executive director Prins Mhlanga, CEO Clayton Hayward, CFO Mike Smits and COO Anton van der Merwe. Photo supplied.

South African fintech Ukheshe Technologies will seek to raise up to $100m for acquisitions in the next 12 months, CEO Clayton Hayward tells The Africa Report.

The funding sought will be a combination of debt and equity. “There is always going to be consolidation in the industry” and Ukheshe wants to be involved, Hayward says in Johannesburg. A current funding round, which is seeking to raise $30m-$40m for current organic growth plans, will close in about eight weeks, Hayward says.

Ukheshe uses a cloud-based Application Programming Interface (API), which employs artificial intelligence to provide back-end capability for financial-services providers. The solution is used in areas such as customer onboarding, digital payments, card provision and cryptocurrencies. Haywood says the company’s niche is [in offering] “fintech as a service.”