Multiply Group delves into FinTech
Durban-based investment firm Multiply Group has acquired 35% of newly formed Crossfin Technology Holdings, part of the Capital Eye Investments’ portfolio, which owns stakes in several companies in the FinTech space.
Assets that have been grouped under Crossfin include WiGroup, Innervation, Emerge Mobile (including iKhokha), Alacrity and Blue Garnet. Multiply said in a statement that Crossfin companies process over R55 billion in point-of-sale transactions and R6 billion in mobile transactions annually across 9 000 retail stores with 73 000 point-of-sale lanes and 5 000 mobile merchants in seven African countries.
The parties have not disclosed the value of the Multiply Group investment.
Capital Eye Investments, which was established five years ago out of the former JSE-listed UCS Group as an investment holding company, holds the remaining shares in Crossfin.
Capital Eye said in the statement that with the two shareholders backing Crossfin, the newly created company is "well positioned to invest actively in further acquisitions and to support organic growth and enhanced returns in the existing businesses".
Dean Sparrow has been named as CEO of Crossfin, with Anton Gaylard named as COO.
"This investment and vote of confidence in our assets and investment strategy could not have come at a better time for our new group, Crossfin," said Sparrow in the statement. "The prospects for both the existing businesses and identified targets are staggering."