Tech in Africa
Adumo, a South Africa fintech group has invested in alternative payments fintech SwitchPay in an undisclosed investment. SwitchPay is a fintech that provides retailers with a digital platform to give their customers alternative in-store and online payment methods that include purpose-based lending, and customized subscriptions models.
The company’s payments platform accepts third-party payment products through API integration. Its credit-related products aggregate multiple credit providers such as banks and fintechs. SwitchPay CEO is Justin Hawkin. The investment by Adumo will go towards scaling the business via focusing on growing its merchant partners by providing customers with access to a wider group of customers.
At present Adumo services 50,000 active clients and 90,000 active card machines that process in excess of R80 billion in transaction value in 13 African countries. Adumo counts on several companies within its growth structure such as Sureswipe, iKhokha, Adumo Online, Humble Till, Innervation Pan African Payments, Innervation Rewards, GAAP, and now SwitchPay.
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