The firm was established after Capital eye, a private equity and venture capital firm, signed a strategic investment partnership with the Multiply Group.
Capital Eye not only manages a portfolio that spreads across the sub-Saharan Africa, but also to the United States, United Kingdom, and Jersey.
Gaylard has claimed that Crossfin will become a more promising platform for Capital Eye to invest into.
Anton Gaylard said, “During the capital raise it became evident that we had the most investment interest to back the fintech assets, and as a result incorporated Crossfin, transferred Capital Eye’s equity interests in our fintech assets into Crossfin for a majority stake in the business, and raised additional funding from The Multiply Group into Crossfin, which we now have available to assist in executing against our vision to become the largest fintech business in Africa by 2022.”
The new fund has so far financed the acquisition of the Edenred Group into the Innervation Value Added Services (Pty) Ltd.
Currently, Crossfin is in the process of smoothing a merger between one of its other portfolio assets and one of its competitors to create an overall bigger business in their market sector.
Crossfin has its focus set not only on South Africa and the rest of the continent, but also on other emerging markets surrounding Africa.
“There is a lot of activity and passion, and this, coupled with the need to find solutions to real problems that are not prevalent in ‘first world markets’, makes it an exciting space at present,” said Gaylard.