Clayton Hayward - Afrikan Heroes

Ukheshe Raises Funding to Fuel International Expansion

December 11, 2022

The South African fintech enabler Ukheshe has attracted investment to fuel its international expansion. Ukheshe was established in 2018 to enable companies in the African fintech ecosystem to deliver embedded finance that aims to close the financial inclusion gap. It serves over 100 customers across different sectors, including banks, fintechs, mobile network operators, and other small and medium-sized businesses.

The startup has begun to accelerate its international expansion, serving customers across eight countries, and will do so with additional capital from ADP III, a fund advised by Development Partners International (DPI), a premier, Africa-focused investment firm, alongside funds advised by Fireball Capital, a leading South African venture capital firm.

Clayton Hayward, Ukheshe’s founder and CEO

The deal, which is subject to customary closing conditions, reinforces Ukheshe’s strategy and will support its long-term growth as the business continues to drive forward its acquisitive expansion plans.

“Ukheshe’s mission is to transform the lives of individuals by facilitating access to critical financial products and services that support the growth and prosperity of communities globally. We have made great progress in recent years, growing our footprint, and expanding our reach across Africa,” said Clayton Hayward, Ukheshe’s founder and CEO.

“As we continue to grow, we look forward to partnering with DPI, who as a leading Africa-focused investor, brings international market knowledge and experience in investing and creating value across the continent. Combined with the deep local market understanding of Fireball Capital, that has a track record of seizing opportunities in the fintech space, we are excited about Ukheshe’s future. As we look for new ways to build on our success, we will work together to accelerate our international strategy and reach more customers across the region.”

In addition to capital, DPI will look to support Ukheshe to further institutionalise the business, achieve its ambitious organic and inorganic growth plans, create quality employment opportunities, and support the financial inclusion of emerging markets. DPI’s experience in scaling industry focused platforms across multiple jurisdictions will support Ukheshe in achieving its strategic ambitions.

“Ukheshe is at the forefront of innovation in payments and fintech, expanding financial inclusion and increasing access to affordable digital banking and payments services to customers across Africa. The business has scaled rapidly since 2018, building a strong runway for future growth as it looks to seize opportunities internationally and deploy its portfolio of solutions into diverse markets. We are excited to bring our experience in the sector and extensive market knowledge to the table, working closely with Clayton and his dynamic management team to help them realise their ambitions,” said James Griffiths, managing director at DPI.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ukheshe Plans to Expand its Payment Solutions to Asia-Pacific

May 24, 2021

Ukheshe Technologies CEO Clayton Hayward

Ukheshe Technologies, the South African fintech startup has revealed plans to embark on international expansion starting with the Asia-Pacific region as it introduces innovative digital-first payment solutions via key partnerships in what is emerging as a lucrative growth market for the B2B payment technology specialist.

The fintech startup has developed a technology platform that helps banks and telecoms provide SMMEs with affordable digital banking and payment services, with client acquisition, onboarding and distribution costs that are a fraction of traditional merchant accounts. It currently provides the platforms and technology that support nine issuers, 334,029 merchants and over 2.2 million apps, which combined process millions of transactions every month.

The decision to expand internationally came after it raised US$2 million in equity and debt funding in November of last year, and it is now making steps in that direction by moving into Asia-Pacific.

Ukheshe Technologies CEO Clayton Hayward, said while Asia’s traditional banks and telecoms have responded proactively to rapid disruption in the digital payments environment, they are challenged by constraints in building fully integrated SaaS platforms.

“Ukheshe aims to partner with local institutions by offering credible, agile solutions in an ever-changing market. Our payment technologies also solve for the problems of expensive acceptance rails and carrying cash, particularly in markets within Asia-Pacific where digital wallets are expected to become the preferred online payment method over the next four years,” he said.

The expansion will be led by Donovan Drew who has been appointed as president of Asia-Pacific. Drew brings with him over 25 years of experience in enterprise software, telecommunications, networks, outsourcing, services, security and fintech solutions, representing various technologies across several industries. He said he was looking forward to exploring the many opportunities for Ukheshe and its partners in the region.

“With an increased need for cost-effective digital payment solutions, our value proposition delivers an integrated solution platform for merchants, aggregators, retailers, banks and their customers,” he said.

“We believe we can aid traditional players in re-securing some of their traditional flows by partnering with issuers and acquirers in a dynamic and constantly evolving environment. On the back of tremendous success in Africa, Asia-Pacific offers a similar opportunity to use our talent and experience to deliver world-class payment solutions.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ukheshe Plans to Acquire Digital Payments Platform, Oltio

November 23, 2020

Leading digital company, Ukheshe has entered into an agreement to acquire Oltio, a digital payments platform that supports Masterpass – Mastercard’s QR payment service in South Africa with more than 300,000 merchants and billers. The use of QR codes in South Africa provides merchants of all sizes – from large retailers chains to individual shop owners and street vendors – a fast, secure and inexpensive way to accept payments.

This deal is expected to strengthen Ukheshe’s partnership with Mastercard – combining its ability to solve local market pain points with Mastercard’s global scale, technology and payment expertise. Ukheshe will continue to provide the same support to the banks and other service providers that currently offer Masterpass, ensuring business continuity with no impact to consumers or merchants.

“Oltio is a natural fit for the company given its proven track record of developing mobile-centred solutions and the fintech’s strong existing partnership with Mastercard. Digital-first solutions for consumers remain a key priority,” says Clayton Hayward, CEO of Ukheshe. He added that by enabling different customer segments as part of our ongoing partnership with Mastercard, Ukheshe is well placed to continue providing fintechs, telcos and banks with payment solutions, and services that will further deepen financial inclusion in South Africa..

Reacting to the development, the Country Manager of Mastercard South Africa, Suzanne Morel said that the deal builds on the momentum of our QR work in South Africa and deepens our collaboration with fintechs. Adding that Mastercard looks forward to combining our global network with Ukheshe’s local understanding of consumer and SME pain points to provide consumers and businesses with safe and seamless payment experiences.” The transaction is anticipated to close by the end of the year.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry