Convergence Partners in follow-on ChannelVAS deal

09 Dec 2020

Convergence Partners is pleased to announce that it has acquired an additional $5 million interest in CVAS, a leading fintech provider of mobile financial services across sub-Saharan Africa and beyond. Convergence Partners exercised preferential and exclusive rights to acquire the stake as a result of an intra-consortium rebalancing of the holdings of another member of the Ethos consortium through which Convergence Partners is partially invested.

Says Brandon Doyle, CEO of Convergence Partners, “we are very pleased to have been able to top up our investment in ChannelVAS. This is a business we feel particularly excited about as it ticks a number of boxes for us as an investor; the success of the business demonstrates the capacity of digital data and AI technologies to deliver meaningful and robust solutions to meet the real financial needs of underserved customers in the markets it serves. This substantial development impact comes coupled with rapid, profitable growth and dominant scale in the business’ chosen solutions, a focused, top quality management team, substantial future scale and growth prospects, solid and proven execution capabilities and delivery of market leading metrics.” The business continues to deepen its position as a global leader in airtime credit solutions to its partner mobile network operators while building out a pipeline of exciting new scalable products.

« Back to Member News

RT @BritishIntInv: We're establing a first-of-its-kind trade access programme with @INOKSCapital. The $25 million funding is aimed at enabl…

📰 #Mauritius Legal & Regulatory Update In this #webcast, Shamima Mallam-Hassam, MD @TridentTrust, discusses Maurit… https://t.co/rtTj92Dh4x

RT @IFC_org: Private sector is developing solutions tackling #ClimateChange, #HumanCapital, finance and technology. Does your company have…

#Startups In Africa Are Solving Real Challenges Tijan Watt, co-founder & GP at Wuri Venture, explores troubling ma… https://t.co/iy5iNApcYz

For #PlasticFreeJuly we highlight the @BritishIntInv and @norfund investment in the #LonaGroup, a South African int… https://t.co/3nGiZQfqBO

;