Source: TechCentral.

Multiply Group buys into Crossfin

Durban-based investment firm Multiply Group has acquired 35% of newly formed Crossfin Technology Holdings, part of the Capital Eye Investments’ portfolio, which owns stakes in several companies in the financial technology (fintech) space.

Assets that have been grouped under Crossfin include WiGroup, Innervation, Emerge Mobile (including iKhokha), Alacrity and Blue Garnet. Multiply said in a statement that Crossfin companies process over R55bn in point-of-sale transactions and R6bn in mobile transactions annually across 9 000 retail stores with 73 000 point-of-sale lanes and 5 000 mobile merchants in seven African countries.

The parties have not disclosed the value of the Multiply Group investment.