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

The countdown to the AVCA Conference is on, and you can now book early bird tickets! Join us for a week of engagi… https://t.co/1Ah2KBrbzL

We're hiring an Events Manager to organise and deliver AVCA’s events and training, including conferences, webinars,… https://t.co/buvQx5JOLQ

👩🏾‍💻 Women-led startups raising millions 🌍 Influx of international capital 🦄 More homegrown unicorns 2021 was a fa… https://t.co/lhy7x3UvUX

RT @CDCgroup: For #COP26, we produced a series of videos for our YouTube channel all focused on: ✅ The role of investment in supporting cl…

RT @tolushola: I was on @BBCAfrica where I discussed @AlitheiaIDF's close at $100m and our proactive approach to investing in African women…

;