Crossfin Technology and Apis Growth Fund have acquired Sureswipe, a card-payment solutions company in South Africa, for an undisclosed sum.
Apis Growth Fund is a private equity fund managed by Apis Partners.
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Besides, the partners have formed Crossfin Transactional Solutions (CTS), a payments and merchant acquiring solutions platform.
Investors will bring Sureswipe under the newly-formed CTS platform, together with Innervation Pan African Payments and Emerge Mobile’s iKhokha. However, all three units will function independently.
Sureswipe MD Paul Kent said: “Although the three strong brands have been consolidated under one entity, they will continue to operate independently within their distinctive markets.
“We believe each provides a distinctive client solution. By layering a common shared services platform across the three businesses, CTS will provide merchants a ‘one-stop shop’ to help them grow their business.”
With operations in seven African jurisdictions, CTS offers services to more than 50,000 active card machines, 25,000 active clients and $5bn in transaction value.
It offer merchants with a bunch of ancillary products such as automated lending solutions specific to businesses’ cash flow requirements and a suite of value-added services to increase customer engagement.
Crossfin co-founder and COO Anton Gaylard said: “We will continue to invest in complementary businesses to support the team as well as partner with, or invest in, other exciting fintech companies with products and services that can be distributed across our ‘rails’ and which add value to our customers and their consumers, such as our recent investments in Retail Capital and Nobuntu.”
