AfricInvest backs East African financial group
I&M Group has completed a capital raise of about $32.4 million.
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East African financial services company I&M Group has completed a capital raise of KES 4.19 billion (about $32.4 million) from the sale of 86.5 million new ordinary shares to East Africa Growth Holdings (EAGH), a Mauritius-domiciled special purpose vehicle backed AfricInvest, FMO, and Norfund.
With this recent investment, EAGH increased its shareholding in I&M Group to 15.14%, making it the fourth largest shareholder.
Gauri Gupta, corporate advisory and sustainability director at I&M Group said, “This capital raise is a strong endorsement of I&M’s strategy and the group’s vision to become Eastern Africa’s leading financial partner for growth. We are proud to partner with such experienced and purpose-driven investors. Beyond capital, this partnership brings sectoral expertise, an opportunity to leverage on the combined network of the investors and a shared commitment to deepening financial inclusion, driving innovation, and embedding sustainability at the core of our business.”
Peter Bryde, director of private equity at FMO, said, "We are very pleased to strengthen our partnership with the I&M Group through this equity investment, together with our friends from AfricInvest and Norfund. I&M is a strong and well-regarded financial institution in the region, and we are enthused by their ambition to expand deeper into underserved markets, particularly in retail and MSME segments – thereby contributing to greater financial inclusion."
Julius Tichelaar, senior partner at AfricInvest remarked, “This follow-on investment through EAGH reflects AfricInvest’s continued commitment to I&M Group and our confidence in its long-term growth as a regionally integrated and institutionally strong banking institution. We are also pleased to welcome FMO and Norfund to this round as we collectively support the group’s efforts to deepen financial inclusion and contribute to a strong and resilient regional banking sector.”
“Co-investing with AfricInvest and FMO in I&M Group through the East Africa Growth Holding vehicle, underscores Norfund’s long-term commitment to supporting broad-based financial institutions to strengthen financial inclusion across East Africa,” noted Judy Kinyanjui, an investment director at Norfund.
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