South African fintech startup Ukheshe Technologies has confirmed its global expansion. Having established itself as a formidable payment technology specialist within the B2B sector, the company has set its sights on the Middle East, Europe and Asia Pacific.
The move comes on the back of several successful projects and partnerships in various African countries including Kenya, Zimbabwe, Zambia, Namibia, Nigeria, Malawi, Botswana, Angola, Tanzania, Rwanda, Burundi, Democratic Republic of Congo, Mozambique, and Ghana.
In addition to collaborating with numerous blue-chip banks, telcos and fintechs, Ukheshe has built strong alliances with Mastercard while acquiring two companies and raising just under R100m within a two-year period.
“We will continue to look for potential acquisitions in these new markets to further support Ukheshe’s growth and strategy as we pursue our goal of reaching unicorn status within the next three years. Ukheshe is excited to be at the forefront of the rapid shift towards innovative digital-first solutions, especially in markets that are ripe for disruption.” Clayton Hayward, CEO of Ukheshe, says.
Ukheshe recently concluded an agreement with the Kenya-based lender KCB Bank Kenya which saw KCB sponsor Ukheshe’s Bank Identification Number (BIN) number, allowing Ukheshe to issue physical and virtual cards across East Africa where KCB has an extensive footprint to drive financial inclusion.
“Our partnerships underpin a shared vision on simplicity and transparency in payments while addressing several open loop market opportunities to boost wider consumer adoption.” Executive Director for Ukheshe Africa, Mark Dankworth, says.
Apart from its regional African reach, Ukheshe says it will focus on establishing significant long-term partnerships in strategic locations within the Asia Pacific region, Europe, and the Middle East and has filled key senior positions with the announcement of Donovan Drew as President: Asia Pacific; Paul Selibas as President Project Engineering, based in Europe; together with Chris Pillay as VP of Finance, located in Dubai.
“As a B2B provider of tailor-made payment solutions we are proud to enable truly digital-first banking while servicing the market with relevant financial propositions and supporting organisations in their efforts to enhance financial inclusion,” says Hayward.
Hayward adds that Ukheshe’s Eclipse API is one of the best examples of the company’s ongoing evolution and aptitude for opening up new pathways to innovation within the payments industry. “The Eclipse platform neatly encapsulates everything from customer and organisation management to KYC, digital wallet, QR code acquiring, card issuing, bank integration, and cross border remittance, among others. It is a market-leading framework that has proven global demand. Through Eclipse, clients can create their own tailor-made individual fintech solution via a trusted fintech enablement platform.”
Currently, Ukheshe provide platforms and technology that support 16 banks and fintechs, three telcos, 3,000 billers, 200,000 merchants, as well as 18 million digital wallets and four million apps combined which process millions of transactions every month.