Overview of the transaction
Ukheshe, one of the leading BaaS provider across emerging markets, has announced its funding round led by Development Partners International (“DPI”) with additional investment from Fireball Capital.
The funding will enable Ukheshe to reinforce its growth strategy and supports the business as it continues to drive forward its international acquisitive expansion plans. These include expanding its footprint and entering complementary markets which are facing the same complex challenges that exist in its core markets.
Overview of Ukheshe
Founded by four partners in 2018, Ukheshe was established to drive financial inclusion across Africa and beyond, by creating new ways for businesses to develop and grow their financial services offerings. Ukheshe provides B2B digital fintech services through its Eclipse API. The API framework consolidates numerous propositions including digital wallets, digital KYC, card issuing, mPOS applications, tap-on-glass card payments, cross-border payments and VAS services.
Since its founding, Ukheshe has scaled rapidly, and today serves over 100 customers across different sectors, including banks, fintechs, mobile network operators, and other businesses. Ukheshe benefits from a strong international footprint, with operations in Mauritius, the UAE, Kenya, India, South Africa and the UK
Royal Park Partners’ role
Royal Park Partners acted as exclusive financial and strategic advisor to Ukheshe and its shareholders throughout the transaction. This transaction highlights Royal Park Partners’ extensive experience in the banking-as-a-service space, as well as its expertise in supporting emerging markets businesses on their growth strategy
CEO and Co-founder of Ukheshe
"RPP’s involvement throughout the entire process was critical to what we ultimately achieved in our fundraising efforts. Aman and his team provided invaluable market knowledge, and their guidance ensured an immensely successful funding journey for Ukheshe. We look forward to benefiting from RPP’s skilled professionalism and expertise as trusted advisors as we continue to scale our business appropriately."
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