Investec Asset Management portfolio company wiGroup, a leader in mobile-transacting software, has completed a follow-on growth equity round. All of wiGroup’s institutional investors – Crossfin, Virgin Money, Smollan, and Investec Asset Management – have committed additional capital to the round. Investec Asset Management remains the largest shareholder in the company.
Founded in 2007, wiGroup has established itself as a leading provider of enterprise software in loyalty, coupons, and rewards (‘LC&R’). WiGroup is also a leading provider of merchant integration and mobile payment services. The company delivers these cutting-edge solutions to leading clients in retail, banking, quick service restaurants, insurance, and telecommunications.
The additional equity will support wiGroup’s accelerated growth, particularly in LC&R, both in South Africa and in international markets. Since Investec Asset Management made its initial investment in 2015, wiGroup has more than doubled its revenues, client numbers and store footprint.
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.
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