NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Ukheshe International, the UK-headquartered division of leading digital-first, Banking as a Service (“BAAS”) enabler Ukheshe Group (“Ukheshe”), today announced the conclusion of an investment agreement that will help accelerate its international expansion. The investment will be led by ADP III, a fund advised by Development Partners International (“DPI”), a premier, Africa-focused investment firm with $3bn in assets under management and co-investment, alongside funds advised by Fireball Capital, a leading South African venture capital firm. The deal, which is subject to customary closing conditions, reinforces Ukheshe’s strategy and will support its long-term growth as the business continues to drive forward its acquisitive expansion plans.

Founded by four 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 UAE.