The investment is not only the first that 1K1V has made in the African digital payments sector, which is said to be one of the fastest growing on the continent at the moment, but it also positions the Stellenbosch-based company for expansion to other regions in Africa and even further afield, according to the private family capital fund.
For those unfamiliar with Pay@, it works as a transactional channel for bridging financial service providers with the unbanked population of the country.
This takes the guise of a multitude of payment options, all of which are facilitated via one’s smartphone, and allow customers to make payments at major retailers and payment networks.
“Pay@’s strong management team has honed its industry-leading business model and technology over more than 12 years by leveraging the compelling macro-economic trends in Africa’s digital payments industry,” noted Hendrik Jordaan, president and CEO of 1K1V.
“We are honoured to invest in a company that could help bring economic freedom to millions of unbanked individuals in Africa,” he continued.
This latest investment represents 1K1V’s fifth on the continent, with most of their previous ventures focused on the food and agriculture sectors.
At this stage there is no word from Pay@ as to where or indeed when they plan to expand their operations, but this is one digital payment platform to keep your eye on moving forward.
As such it should be interesting to see how they make the most of this recent investment.
[Image – CC 0 Pixabay]