Capital Eye, the South African private equity and venture investor, has established a new fintech platform called Crossfin Technology Holdings to house its current and future fintech investments. Durban-based investment firm Multiply Group is backing the new platform, acquiring 35% of the new venture, whose formal launch was announced 10 days ago.
The initial group of Capital Eye portfolio companies that will make up Crossfin are Alacrity, Innervation, Emerge Mobile, the wiGroup and Blue Garnet. The new partners in the venture, Capital Eye and Multiply, expressed optimism that the platform is poised for immediate growth in the belief that “Crossfin is an exciting prospect for any business looking to leverage or complement our existing Fintech ecosystem of partners, agents, merchants, retail till points and client base in Africa and beyond”.
Using Capital Eye’s capital as well as the investment from Multiply, Crossfin will actively look to make new acquisitions as well as make further investments in the existing businesses to encourage organic growth and optimal returns. As well as capital, both partners in the venture will look to leverage their other respective investment and business-building strengths to the benefit of the new fintech platform.
The value of Multiply’s 35% stake in Crossfin was not disclosed.