Rinchi
TechInAfrica – The fintech company, uKheshe, has announced that it has completed its first seed investment round. The company managed to successfully closed independent seed funding with Fintech Ventures and the Ocean on 76 Group, under incubation as a CSI initiative within Jini.Guru.
“Having access to a transaction account is the first step towards broader financial inclusion. Since launching, we have seen, through tremendous uptake, that these services are not only needed but will significantly impact the overall financial inclusion of unbanked and underbanked South Africans,” said uKheshe‘s Co-Founder, Clayton Hayward.
Chris Lister-James from Fintech Ventures said about the investment in uKheshe: “The market opportunity is enormous and we are excited about our investment and the role we will play in providing sustainable financial services. Having invested in several early-stage fintech start-ups, we have some great complementary companies and look forward to playing both a financial and strategic role in the growth of uKheshe.”
In addition to Lister-James’ statement, another uKheshe‘s investor, Prins Mhlanga, CEO of Ocean on 76 Group said that the services like uKheshe‘s will help to drive financial inclusion as it is practically easier to use and cost-efficient.
“The significant cell phone penetration enables fintechs, such as uKheshe, to develop convenient, cost-effective, digital financial services solutions that can circumvent the existing financial services providers. We view this disruption as not only positive but necessary.,” Lister-James concluded.
