By Benjamin Horney (November 24, 2021, 2:02 PM EST) — A group of investors led by an affiliate of Africa-based private equity firm Ethos has agreed to buy South African financial technology company Crossfin for ZAR 1.5 billion ($94.8 million), the companies said Wednesday.
The deal is meant to provide Crossfin Technology Holdings with the proper financial backing to pursue its growth strategy, which includes expanding its services across all of Africa, according to a statement. The transaction represents one of the largest ever private equity-led investments in the fintech sector in South Africa, the companies said.
Crossfin offers payments services through a unit called Adumo that processes payments for about…
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