Denis Opudo
wiGroup from South Africa has received investment capital of undisclosed amount from Virgin Group and Smollan. wiGroup witnessed an almost similar investment in 2015 by Investec Asset Management. Currently, wiGroup takes pride in having completed many transactions worth over $500 million. WiGroup mainly employs mobile-first transactional technology to facilitate payments and convergence of loyalty value of more than 75,000 retailers.
The investment from Virgin Groups comes shortly after they launched Virgin Money South Africa app. The app allows for peer-to-peer payments. The app also enables its clients to transfer money to friends and relatives in a safe, simple, and secure manner. This app was launched in South Africa in January 2018.
The funds from Virgin Group and Smollan will help wiGroup to fast-track its entry into both developed and emerging markets globally. According to Bevan Ducasse, the CEO of wiGroup, the funds came at the time when the company needed it. He also said that the funds will enable them to expand to global markets apart from Europe and Australia. Moreover, he said that the funds will help the company achieve its objects of improving transactions and simplifying the whole process. Therefore, the organization will get to a level that other leading global startups carry out their transactions. wiGroup has recorded consistent growth of more than 45% and has established a strong market base in the African market.
Additionally, Bevan also said that wiGroup currently targets the Middle East and Australia. The company has set its base in London, Amsterdam, and Paris. He said that the partnership with the two companies will help them extend their services globally. He also said that they have strategic plans for Africa remains intact. This is because as per the projections, a fifth of the consumers by 2025 will come from Africa.
Smollan’s CEO David Smollan said that wiGroup has a success record with reputable retailers and it remains a pioneer of rewards, mobile loyalty and transaction services. He also said that Smollen mobile phones play a crucial role in transactions. Therefore, Bevan and his team need to explore the emerging markets for better revenue generation. He also said that he looks forward to a better partnership and relation with wiGroup.
According to the CEO of Virgin Group, Josh Bayliss, their investment with wiGroup will play a role in bringing up innovative solutions in the market. Moreover, he said that the innovations will have a global effect. He added that since many people using mobile phones for payments and getting loyalty points, their input will help wiGroup.
Bayliss also expressed his delight for investing in wiGroup. He said that the management of Virgin Group looks for various ways to simplify people’s lives.
