Paul Edwards, a former MTN Group CEO has secured series-A funding round for his new fintech startup called VantagePay.
This funding comes from Crossfin Holdings, a Blue Garnet Ventures subsidiary, which according to TechCentral, has bought a “meaningful stake” at the company for an undisclosed amount.
VantagePay, formally known as Vantage Africa Limited, was established in 2018 with the goal to provide payment and technology services across Africa. It has offices in South Africa, Ghana, Nigeria, and London, and provides payment solutions to Ghanaian banks, telecommunications operators, and fintech.
“Africa represents a huge market for mobile payments given the relatively high mobile phone penetration coupled with a relatively low penetration of financial services,” said Edwards in a statement.
“VantagePay has incorporated the learnings of EMP and countries like China in developing a business model that enables cost-effective, deep penetration of payment services into African markets,” he added.
Crossfin CEO Dean Sparrow said that with this investment the plan is to expand rapidly across the African continent. Crossfin’s shareholders include the Ethos Mid-Market Fund and Patrice Motsepe’s African Rainbow Capital.
“It also has a very experienced management team that has proven capability in developing successful pan-African payments companies,” Sparrow said.
“We feel that Crossfin is an excellent partner for VantagePay and believe they will stand out in an increasingly competitive payments space. We look forward to leveraging the many identified synergies with our portfolio companies whilst also assisting VantagePay in achieving its goal of becoming a leading pan-African payments facilitator,” he added.
Barry Lobel, Co-founder and CEO of VantagePay, said the company has developed a leading cloud-based payments platform to address the massive latent demand for access to trusted financial services in Africa, according to IT-ONLINE.
“The modular architecture of our platform enables a great deal of synergy and complimentary offerings between VantagePay and Crossfin’s portfolio companies,” Lobel said.
By Zintle Nkohla
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