Troygold, which digitises ownership of physical gold, has reportedly closed an investment from Crossfin Ventures.
The capital injection will help the FinTech to scale, according to a report from Disrupt Africa.
Based in South Africa, Troygold digitises gold bullions and puts the value into a mobile account. Consumers can then use the physical debit card to spend their gold.
Crossfin Ventures COO Anton Gaylard told Disrupt Africa, “Enabling a broader market to save and transact in fractions of gold was particularly appealing, especially since gold is a finite resource that has stood the test of time and is free from the uncertainty and volatility of fiat currency and cryptocurrency.
“Our objective for the investment is to leverage the complementary elements of the broader Crossfin portfolio and explore opportunities for expanded banking and financial services backed by gold.”
Last year, CrossFin joined the funding round of TruID to support its product and customer expansion efforts. The South African RegTech company offers a single identity source that enables users to login, share, verify and confirm their information.
Fellow South African FinTech company Revix closed a $4m investment earlier this week. The cryptocurrency investment platform enables consumers to buy and sell cryptocurrencies, as well as make investment into emerging sectors like esports and legal cannabis.
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