South Africa: IFC proposes investment in Apis Partners-backed payments company

The International Finance Corporation (IFC) has disclosed a proposed equity investment of up to $15 million in Adumo, an independent payment platform in South Africa.

Adumo enables merchants to accept card payments through a physical POS device or an app-based device, and also provides payments processing, loyalty card management, reconciliation and other value-added services.

Adumo was formed by consolidating several leading payment companies in South Africa in 2019. Adumo’s current shareholders are Crossfin Technology Holdings, Apis Partners and management.

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