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Ukheshe to expand internationally after securing US$2m funding

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Ukheshe Technologies, an SA-based fintech is planning to expand its operations internationally after completing a US$2 million raise in equity and debt funding last November. Ukheshe, is a South African digital fintech platform working with banks and telecom operators. Clayton Hayward, Ukheshe’s CEO mentioned how they will look for new potential acquisitions that support the fintech’s growth strategy. He expressed optimism that the company would reach “unicorn status” within “the next three years.

Among the services offered by the startup’s tech platform involves helping banks, telecom providers, and SMMEs with affordable digital banking, payment services. client acquisition, onboarding, and distribution costs at a fraction of the costs charged by traditional merchant accounts.  The idea is to ease the accessibility of informal banking.

According to Disrupt, Ukheshe’s technology platform supports 16 banks and fintech providers, three telecom operators, 200,000 merchants, and 3,000 billers. Overall the platform hosts 18,000,000 digital wallets and over 4 million apps that process millions in monthly transactions. Ukheshe has now set its sight on the Middle East, Asia Pacific, and European market.

Also read: Oltio, A Digital Payments Platform, Acquired by Ukheshe

Since the founding, Ukheshe has raised $7 million, closed two acquisitions, and secured a key partnership with MasterCard. Ukheshe previously entered the East Africa market with a partnership with Kenya’s KCB Bank for a new Bank Identification Number (BIN) allowing it to issue physical and virtual cards across East Africa.

Also read: SA fintech startup Ukheshe partners with KCB Bank Kenya

Source article: Disrupt

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