South Africa: 1K Africa and Ascension Capital invest in Consumer Profile Bureau
South Africa: 1K Africa and Ascension Capital invest in Consumer Profile Bureau
1K Africa and Ascension Capital have announced an investment in Consumer Profile Bureau (CPB), a South African payment profile hosting credit bureau.
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1K Africa and Ascension Capital have announced an investment in Consumer Profile Bureau (CPB), a South African payment profile hosting credit bureau.
CPB, known for its credit bureau services, including tracing, credit verification and debtor profiling, goes beyond the conventional by offering real-time credit solutions to a diverse client base. These solutions encompass reporting and analytics, digital identification, paperless FICA and online data analytics.
The recent grey listing of South Africa, although presenting challenges, has led to increased demand for know-your-customer (KYC) identification validation and innovative solutions for client onboarding and compliance. Ascension Capital’s equity interest will bolster CPB’s competitive position and contribute to a sustainable B-BBEE score, helping the business navigate these challenging circumstances.
CPB’s management team will retain an equity interest in the business.
“We are proud to announce Ascension’s investment in CPB. Our investment focus revolves around innovative businesses that address fundamental human needs, particularly those with strong technology foundations. CPB aligns perfectly with our vision by using technology and IT systems to enhance financial inclusion while ensuring compliance with evolving regulatory requirements,” said Ascension’s chief executive officer, Kabelo Moja.
Hendrik Jordaan, president and chief executive officer of 1K Africa commented, “This investment solidifies our commitment to expanding our presence in the African technology landscape. We chose to invest in CPB as the organisation is well-positioned to leverage its proprietary technology and data for enhanced customer offerings, which aligns seamlessly with our vision for driving technological innovation and growth in the region.”
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