Fintech group Adumo gets US$15m funding from IFC for expansion
Summary
In a statement, Adumo says IFC’s investments will support the company to make digital payments systems more affordable and accessible to smaller businesses in Africa, many of which currently rely on cash transactions. The funds we have raised from our new equity partners will help us rollout new payment innovations and purpose-based lending services to support consumers and retailers as they navigate an uncertain 2021,” said Paul Kent, CEO of Adumo. Supporting small businesses to access finance and financial services affordably and sustainably is a priority for IFC because of their potential to not only grow the economy but also create jobs, Adumo noted. According to the fintech group, in South Africa, micro, small and medium enterprises employ over 50% of the workforce and contribute around 34% of GDP, but many don’t have access to key services that would help their business grow. We are confident that the IFC investment will be an important contribution to further accelerate the company’s growth in order to consolidate its already strong market position,” Udayan Goyal, managing partner at Apis, added.