Development Partners International (DPI) has struck its sixth deal and the third in the fintech domain from its oversubscribed third private equity fund to invest in Africa.
Ukheshe International, the UK-headquartered division of digital-first, banking-as-a-service (BAAS) enabler Ukheshe Group, has attracted investment from DPI to accelerate its international expansion.
The investment will be led by ADP III, a fund advised by DPI, alongside funds advised by Fireball Capital, a South African venture capital firm.
Started by four co-founders in 2018, Ukheshe was established to drive financial inclusion across Africa and beyond, by creating new ways for businesses to develop and grow their financial services offerings.
Since its founding, Ukheshe has scaled rapidly, and today serves over 100 customers across different sectors, including banks, fintechs, mobile network operators, and other small and medium-sized businesses. Ukheshe also continues to expand its international footprint with operations in Mauritius, Kenya, and the UAE.
James Griffiths, Managing Director at DPI, said: “Ukheshe is at the forefront of innovation in payments and fintech, expanding financial inclusion and increasing access to affordable digital banking and payments services to customers across Africa. The business has scaled rapidly since 2018, building a strong runway for future growth as it looks to seize opportunities internationally and deploy its portfolio of solutions into diverse markets.”
Royal Park Partners acted as exclusive financial advisor to Ukheshe and its shareholders throughout the transaction.
For DPI, this is yet another deal from the new fund in the fintech field. It had previously invested in Channel VAS, a fintech business providing mobile financial services, and MNT-Halan, an Egyptian fintech firm.
The new fund’s other portfolio companies include financial services company Groupe Cofina in Côte d’Ivoire; Tunisian tomato producer SICAM and Kelix Bio, a biopharmaceutical platform.