Saturday, September 27, 2025
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home Fintech

Adumo, a fintech startup based in South Africa, has raised $15 million from the International Finance Corporation.

Tech Gist Africa by Tech Gist Africa
03/13/2021
in Fintech, Investments, Payment, Startups, The Big 5, Venture Capital
0 0
0
Fintech News Tech Gist Africa

Fintech News Tech Gist Africa

0
SHARES
Share on FacebookShare on Twitter

Adumo, a South African fintech startup, has raised US$15 million.

The funds was raised from IFC, a member of the World Bank Group, and the IFC Financial Institutions Growth Fund.

The fund will help underserved small and medium-sized enterprises gain access to electronic payment solutions.

Adumo is South Africa’s largest independent payments processor, supplying major multinational and independent retailers, as well as entrepreneurs and informal traders, with a variety of smart payment solutions.

Sureswipe, iKhokha, Humble, Innervation Pan African Payment Solutions, and Innervation Rewards are among the company’s subsidiaries.

IFC and the IFC Financial Institutions Growth Fund, controlled by IFC’s Asset Management Firm, have invested US$15 million in preferred shares to support the company’s growth.

“With interest in cashless payment systems at an all-time high, the pandemic and its effect on customers and companies are changing the face of the payments industry.

The funds raised by our new equity partners will be used to help Adumo carry out new payment technologies and purpose-based lending programs to help customers and retailers navigate an unpredictable 2021, according to Paul Kent, CEO of Adumo.

“By investing in Adumo, we will be assisting small businesses in gaining access to the digital economy, which is more critical than ever.

Sérgio Pimenta, IFC vice president for the Middle East and Africa, said that digital payments are often the first step for a small business to develop a credit history, which opens the door to other financial services such as financing to expand the business.

IFC’s investments will help Adumo make digital payments systems more affordable and available to smaller businesses in Africa, many of which still depend on cash transactions.

Read More on Tech Gist Africa;

Flutterwave raises $170 Million in a series C round of funding.

In the midst of e-commerce growth, South African fintech start-up Yoco is growing to 120,000 merchants.

Mono, Nigerian API fintech startup gets backing from Y Combinator

ShareTweet
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

Related Posts

Food Security
Insights

How Technology is Advancing Global Food Security and Reducing Hunger

by Tech Gist Africa
09/26/2025
0

The challenge of ensuring food security for a growing global population is one of the defining issues of our time....

Read more
Nvidia Abu Dhabi Robotics Lab

Nvidia and Abu Dhabi Institute Launch Middle East’s First AI & Robotics Lab

09/26/2025
MultiChoice

Canal+ has officially completed its $3.17 billion acquisition of South Africa’s MultiChoice Group

09/26/2025
Zanifu Kenya

Yango Ventures’ $20M Fund Backs Kenyan Fintech Zanifu to Transform SME Credit Landscape

09/24/2025
Abu Dhabi

Abu Dhabi’s MGX Joins Silver Lake in Bold Bet on Chip Future

09/24/2025
Next Post
Instagram lite Tech gist africa

Instagram Lite is now available in 170 countries for Android users.

Swiftpay Accessbank

Access Bank launches SwiftPay To Help SMEs Make More Digital Payments

Netflix tech gist africa

Netflix is exploring a password sharing ban, to curtail ineligible consumers

No Result
View All Result

The Big 5

Food Security

How Technology is Advancing Global Food Security and Reducing Hunger

by Tech Gist Africa
09/26/2025
0

...

Nvidia Abu Dhabi Robotics Lab

Nvidia and Abu Dhabi Institute Launch Middle East’s First AI & Robotics Lab

by Tech Gist Africa
09/26/2025
0

...

MultiChoice

Canal+ has officially completed its $3.17 billion acquisition of South Africa’s MultiChoice Group

by Tech Gist Africa
09/26/2025
0

...

216 Capital & Plug and Play Accelerator

216 Capital & Plug and Play Launch Tunisian Accelerator to Bridge Local Startups to Global Stage

by Tech Gist Africa
09/26/2025
0

...

Funding

Groundbreaking UK Tender Aims to Map East Africa’s Start-Up Financing Landscape

by Tech Gist Africa
09/26/2025
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.