Crossfin Invests in DigiSquad, a South African Company, to Promote Digital Payments in Markets With Limited Access

Crossfin, a South African investment company, has put money into DigiSquad, a payments company based in Johannesburg. DigiSquad focuses on helping people and businesses in parts of Africa where it’s hard to get access to banks and digital payments. The exact amount of money Crossfin invested has not been shared, but this support will help DigiSquad grow and reach more communities across Africa.

DigiSquad was started in 2015 by Bishmen Kumalo. The company works with clients in Africa and the United States, offering advice, creating new products, and analyzing data. Their goal is to build financial tools that really fit the needs of people who are often left out by regular banks and payment companies.

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One of DigiSquad’s main achievements is their platform called DigiEngine. It took them about a year and a half to build this system. Recently, DigiEngine won a contract to become one of Eskom’s five national vending agents. Eskom is South Africa’s big electricity company, so this contract is a big deal. It shows that DigiSquad can compete with much bigger companies.

Bishmen Kumalo said, “Africa’s payments world is full of new ideas, but many don’t work well for local communities because they ignore local ways of doing things. We want to change that with our digital tools. Also, as a black woman-owned fintech, we want to show that innovation can come from anywhere.”

Crossfin decided to invest in DigiSquad because they believe in supporting companies that help people who usually don’t get much attention from big banks or investors. Anton Gaylard, who helped start Crossfin, said, “We liked DigiSquad because their cloud-based payments platform fits well with the companies we work with. Plus, getting Eskom’s support shows they are doing something right. We’re excited to help them grow and share their knowledge with other companies in our group.”

This investment is important because it helps bring digital payments to places where people have limited access to banking. By working together, Crossfin and DigiSquad hope to make it easier for more people and businesses to use digital money safely and easily.

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More and more investors are looking at African fintech companies like DigiSquad that are solving real problems with technology. Crossfin investing in South Africa’s DigiSquad is a good example of how new ideas and support can help change lives by making financial services available to everyone.

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