Private equity firm Development Partners International (DPI) has injected $54m into Channel VAS, the FinTech company.
Dubai-based Channel VAS provides mobile financial services, big data analytics and airtime credit services to mobile operators and financial institutions in more than 30 countries in Africa, Asia and the Middle East.
It provides access to micro and nano loans including cash, handsets, airtime and data. Since the business began in 2012, it has helped clients serve hundreds of millions of customers in the region.
Eduardo Gutierrez-Garcia, partner at DPI, said, “Channel VAS’ success so far positions it perfectly to continue to capitalise on Africa’s growing, yet under-penetrated mobile airtime market. Providing services to the underbanked and a rapidly growing young population is an incredibly exciting space to be operating in; and DPI is delighted to become a partner to Channel VAS on its journey.
“We look forward to working with the management team, who have built a business of significant scale, and that has a track record of delivering high quality financial services to its clients. With a robust pipeline of opportunities and its unmatched credit scoring technology, the business is well positioned to leverage the development of the mobile sector across the region.”
The African FinTech scene has had a lot of activities over the past few years. The continent has attracted FinTech investment of more than $849.8m since 2014, according to FinTech Global’s data.
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