Mauritius-based payments technology company VantagePay has announced that Crossfin Holdings has acquired a “meaningful stake” in the business for an undisclosed sum.
VantagePay was previously ZappGroup Africa Limited or V2 Limited. It was founded in 2018 with the goal of providing leading technology and payment services in Africa. VantagePay, which is based in Mauritius and has offices in South Africa and Nigeria, Ghana, Nigeria, London and Nigeria, provides payment solutions to the top Ghanaian banks and telcos. It plans to expand to other African countries in coming years.
Paul Edwards, the co-founder of EmergingMarkets Payments (EMP), was formerly CEO of Multichoice and MTN. More recently, he was the founding executive chairman at Emerging Markets Pays (EMP), which was founded in 2010 and has since become the most important pan-African or pan-Middle Eastern payments processor.
“Africa represents a huge market for mobile payments, given the relatively high mobile phone penetration coupled with a relatively low penetration of financial services,” said Edwards. “VantagePay has incorporated the learnings of EMP and other countries, such as China, in developing a business model that enables cost-effective, deep penetration of payment services into African markets.”
Barry Lobel, VantagePay’s CEO and co-founder, welcomed the investment from Crossfin.
“VantagePay has developed a leading cloud-based payments platform to address the massive latent demand for access to trusted financial services in Africa. The modular architecture of our platform enables a great deal of synergy and complimentary offerings between VantagePay and Crossfin’s portfolio companies,” he said.
Crossfin is an independent fintech group that focuses on payments technologies, smart financing and other areas. Its portfolio companies are Adumo, South Africa’s largest independent omnichannel payment acquiring firm; Crossgate, a card issuing bank and alliance banking solution provider for banks and retailers; and Retail Capital, a smart funding company that focuses on SMME.
Dean Sparrow, Crossfin’s CEO, said the company had identified VantagePay as a potential leader in the African mobile payments space.
“The business has a superior payments platform that has already been adopted by numerous banks, telcos and fintech platforms and is well placed to expand rapidly across the African continent. It also has a very experienced management team that has proven capability in developing successful pan-African payments companies,” he said.
“We feel that Crossfin is an excellent partner for VantagePay and believe they will stand out in an increasingly competitive payments space. We look forward to leveraging the many identified synergies with our portfolio companies whilst also assisting VantagePay in achieving its goal of becoming a leading pan-African payments facilitator.”