The fintech stock exchange of the city of Cape Town South Africa known as Cape Town Stock Exchange (CTSE), the city’s fintech stock exchange has announced the closing of a $5-million (R85-million) funding round.

In addition, the company announced an expansion of its board, adding Mark Fitzjohn, Bruce Ndidi (both from Empowerment Capital) and Stephan Van Der Walt (Pallidus Alternative Investments).

The oversubscribed round was led by a new investor to the group, Imvelo Ventures, a venture capital investment company founded by Capitec Bank and Empowerment Capital Investment Partners, with participation from Lebashe Investment Group, Pallidus Alternative Investments, Shaolin Investments Limited and Gary Stroebel, all existing investors in the CTSE.

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According to Eugene Booysen CTSE CEO, “CTSE’s technology and financing innovation is changing the market’s capital and funding raise experience. CTSE is transforming what has historically been a long and complicated process into one that is more transparent, safe, and simple. I am proud of what the CTSE’s team has achieved by innovating daily to reduce cost, risk, time, and complexity in the Capital raise process.”

“We are grateful for our newest and existing investors’ confidence in our business and the opportunity before us. We believe this underscores the fact that our business plays a transformative role in growing the African economy from Cape to Cairo.”

Mark Fitzjohn, a Director of Imvelo Ventures, said the firm is always looking to fast-track the growth ambitions of South African entrepreneurs.

“We are excited to partner with such a strong team. They are leading experts in the next wave of Exchange and Investment banking technologies such as corporate finance, capital raise, funding, securities trading, custodianship, corporate governance, and shareholder management,” Fitzjohn said.

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“Their cloud-based technology and end-to-end exchange architecture, combined with a marketplace of supporting partners, will allow them to rapidly and cost-effectively bring innovative, data-driven solutions to the market. This will enable us to push the boundaries of Capital and funding raise using data and AI with new age exchange infrastructure,” he concludes.

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