Investec Asset Management has acquired a significant shareholding in wiGroup, South Africa’s only interoperable point-of-sale mobile transacting network. Investec Asset Management will partner with wiGroup’s founder management and existing shareholder Capital Eye Investments (CEI) to support the Company’s growth and development both domestically and in new markets outside South Africa.
Founded in 2007, wiGroup has integrated more than 50 mobile transacting issuers, and in excess of 55,000 point-of-sale lanes to its network. The network enables widespread mobile transacting acceptance to wiGroup’s corporate client base and their customers. From its head office in Cape Town, wiGroup also offers cutting-edge technology solutions that enable its clients to run integrated mobile-based payment, loyalty, coupon, voucher, reward and gift programs.
Five large retail chains, over 10 restaurant/hospitality chains, over 50 FMCG brands, and 8 mobile payment / mobile money issuers utilize the wiGroup platform in South Africa. Outside South Africa, wiGroup has established a joint venture with Nigeria’s leading switch and payment processor, in order to expand the wiGroup technology platform into West Africa. wiGroup’s proprietary mobile transacting technology is well-suited to emerging markets in Africa and beyond where mobile-based transacting is poised to leapfrog traditional, card-based payment, reward and loyalty solutions.
Investec Asset Management established an African private equity capability in 2008. The Private Equity strategy focuses on growth capital and buyout investments in established mid-market and larger companies in Africa, with the objective of supporting the creation of local or regional champions in their respective industries