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South Africa’s bancX Cloud Platform Secures Investment for Global Expansion

bancX cloud platform

Johannesburg based bancX cloud platform, secures an undisclosed amount of investment from Imvelo Ventures to expand its experiential cloud-based banking platform in Africa and across the globe.

Founded in 2017, the bancX cloud platform is widely used by fintech ventures, banks and other companies offering digital, innovative financial services with data, and customer experience at the heart of their value proposition.

According to its CEO, David Rogers,

“We are very excited to conclude this investment with Imvelo who specializes in funding and advising high-growth fintech, as we embark on our growth aspirations.”

He reveals that, the startup is exploring other ways to work with its shareholders and partners in building the next generation of cloud banking technology, not just in Africa but worldwide.

As to why they built bancX cloud platform, Rogers said, they wanted to bring modern software technology to banking to unlock the power of the cloud, data and agile processes to deliver flexible, powerful, experiential and affordable banking and financial services capabilities that their customers can plug effortlessly into.

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The features and architecture to deliver them, he added, are engineered into the bancX cloud platform from the experiential layer to the core.

Imvelo Ventures, the South Africa Capitec Bank backed venture capital supports companies across all life cycles as long as they represent an interesting and commercial investment opportunities. MoneyWorks, ForGood and Ice Media are some of the companies in their portfolio.

bancX cloud platform

Anton Baumann is the Exec. Dir. of Imvelo Ventures who indicated that, they are confident in backing this highly-experienced, passionate and driven leadership team with a robust and uniquely differentiated technology platform.

The platform offers their corporate partners attractive investment opportunities which they believe are able to drive inclusive growth in the economy of South Africa through solutions that address problems facing consumers and that can challenge the status quo.

The investment into BancX according Wim De Buyn, the CIO of Capitec Bank is simply because of their team, where he says,

“Capitec is excited to partner with such a strong team. They are experts in the next wave of fintech banking technologies such as cloud, micro services and event-driven architectures.”

BancX, for him, is offering an end-to-end capability, combined with a marketplace of partners, to rapidly and cost-effectively bring innovative, data-driven, API configurable solutions to market.

SEE ALSO |  TymeBank Secures $110M Series B Fund to Expand Operations in South Africa

This he concludes, will enable them push the boundaries of data, AI and digital core banking infrastructure.

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Funding

ImaliPay: Nairobi Fintech Startup Raises Pre-Seed Funding Led By TEN13

ImaliPay

ImaliPay, a fintech startup helping African freelancers reach their financial goals has raised an undisclosed amount in pre-seed funding from the Australian venture capitalist, TEN13, reputed for investing in top-tier start-ups.

The other investors who participated in this pre-seed round include, Finca Ventures, Optimiser Foundation, Mercycorps Ventures, Changecom, and super angels from Norway, Nigeria, UK and Kenya.

ImaliPay is an embedded finance platform that provides and offers tailored financial products that promote the inclusion of gig economy platforms and workers across Africa.

According to ImaliPay, the primary aim of this newly raised funding is to expand and accelerate their growth and footprint in Nigeria, South Africa and Kenya to be a one-stop-shop for gig workers’ financial needs on the continent.

The backing of ImaliPay by TEN13 is on the back of recent chain of events that has elevated the visibility of Africa’s fintech startup scene.

Commenting on the deal, Managing Partner of TEN13, Stew Glenn, said,

“We believe this is a perfect opportunity to introduce our growing international network of investment professionals and investors to one of the most exciting emerging fintech companies in Africa.

ImaliPay in 2020 was co-founded by Zimbabwe’s Tatenda Furusa and Sanmi Akinmusire a Nigerian, who were former colleagues at the leading payments company Cellulant. The fintech company thinks the investment from the venture capital has significant benefits.

SEE ALSO |  Pula: Insuretech Startup Closes $6M Series A Funding to Scale Up Business Across Africa

In a statement released to the press, Tatenda Furusa said,

It’s a great opportunity for investors to participate in the fintech revolution and a fast-growing segment. Our vision at ImaliPay is to advance financial health and inclusion for gig workers who struggle to manage and access flexible financial services that are often only available to traditional SMEs.

The growth in the African gig workforce is being pushed by the growth in digitization and smartphone penetration. Gig workers constitute a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade.

ImaliPay Users

ImaliPay offers gig workers a one-stop-shop of financial services such as the ability to seamlessly save their income and receive in-kind loans through a “buy now, pay later” model tied to their trade.

Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done and Safeboda riders in Nigeria can now buy on credit bike parts, fuel, and smartphones to keep their gig moving and reduce any downtime.

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Other products to be offered off the platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population.

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