Virgin invests in SA FinTech wiGroup
wiGroup has secured investment from two leading global companies to fast-track its entry into emerging and developed markets.
Mobile software firm wiGroup has secured investment from two leading global companies to fast-track its entry into emerging and developed markets. Virgin Group and retail solutions leader Smollan recently purchased a stake in the business for an undisclosed sum, the firm said in a statement. This follows similar investment from Investec Asset Management in 2015.
wiGroup CEO Bevan Ducasse (pictured) said that the investment comes as the company is looking to accelerate its global expansion programme. He said:
“Our presence in Europe and expansion into Australasia and emerging markets will be fast-tracked by leveraging both Virgin Group and Smollan’s extensive global networks. As a business this brings us one step closer to realising our vision of simplifying and improving the way the world transacts."
Since its founding in 2007, wiGroup has established itself as the largest mobile transactional platform in Africa with over 75,000 integrated till points accepting mobile payments, loyalty and rewards transactions.
Ducasse says the business has recently established in Amsterdam, London and Paris, and is looking to the Middle East and Australia as key growth markets over the short to medium term. “We hope to leverage our new partners’ extensive global footprints and explore opportunities to create shared value between our businesses,” he said. "In addition, our strategic focus on Africa – which will be home to one-fifth of the global consumer market by 2025 – remains in place, especially in light of the continent’s high penetration and usage of mobile.”