Investec Asset Management portfolio company wiGroup, a mobile transacting software company, has secured an equity investment from two leading global companies to fast-track its entry into emerging and developed markets. The Virgin Group’s global investment arm and retail solutions leader Smollan have purchased a stake in the business. This follows a similar investment in wiGroup in 2015 by Investec Asset Management through its African private equity capability. Investec Asset Management remains the largest shareholder in the company
Founded in 2007, wiGroup has established itself as the largest mobile transactional platform in Africa with over 75,000 integrated till points accepting mobile payments, loyalty and rewards transactions, and a growing African market presence in countries including South Africa, Namibia, Zambia, Nigeria, Mauritius, and Ghana. Through its software as a service, the company delivers cutting-edge mobile transacting solutions to clients including leading retail, banking, quick service chains, insurance, and telecoms companies. Since Investec Asset Management’s investment in 2015, wiGroup has more than doubled revenues, client numbers and store footprint, and more than tripled transaction volumes.
The investment will assist wiGroup in accelerating its global expansion program into key European and African markets by leveraging both Virgin Group and Smollan’s extensive global network. The Virgin Group is a family-owned growth capital investor for global growth, with a portfolio of over 35 companies spanning the consumer, internet, fintech, and sharing economy sectors. Smollan is one of the world’s leading retail solutions providers, operating in over 450,000 retail stores and employing 60,000 people in 24 markets across 5 continents.
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.
For further information, contact:
Adriaan Dippenaar: +44 20 7597 2103
Peter Baird: +27 21 416 1525