TechInAfrica – Nobuntu’s CEO, Tyron Fouche, has stated that the company will use the investment it raised from Blue Garnet Ventures to scale and launch its savings product—the People’s Fund. The statement was made on April 30, followed by an announcement by Crossfin that it had taken a significant stake in Nobuntu.
Nobuntu is a South African insuretech founded in 2017 by Tryon Fouche (CEO), Reka Borole (CFO), and Ross Taker (COO). It offers two main products—a funeral cover and peer-to-peer pension savings, the People’s Fund.
According to Fouche, Nobuntu will use the invested fund to develop its products and makes it suited to Crossfin’s portfolio company distribution rails. Fouche did not mention the amount of investment the company raised from Blue Garnet Ventures. It is still confidential as the deal is yet to finalize due to a certain condition.
The CEO said that Nobuntu was in cooperation with Crossfin to strengthen its distribution rails. The company was also looking for a distribution partnership with iKhokha, one of Crossfin’s portfolio companies.
Co-Founder and CEO of Crossfin, Anton Gaylard explained that the company will help Nobuntu to scale up its products by opening access to Crossfin’s portfolio companies that include wiGroup, iKhokha, Crossgate, and Innervation. They will provide access for Nobuntu to over 9,000 retail stores with over 110,000 point of sale lanes and 13,500 mPOS merchants across seven African countries.
Nobuntu was among 20 tech startups from other African countries such as Kenya, Nigeria, and South Africa which got selected for joining Go Global Africa 2019 program initiated or run by UK’s Department for Digital, Culture, Media, and Sport.