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January 19, 2022
Finance Technologies

South African fintech Adumo lands $15m from World Bank member

Adumo, a South African payments solution provider, has landed $15 million (ZAR 225 million) in preferred shares from International Finance Corporation (IFC) – a member of the World Bank Group. It also secured part of the investment from IFC’s Financial Institutions Growth Fund – a fund managed by IFC’s asset management company The fintech focuses on moving businesses’ reliance from cash transactions to digital payments The start-up, which predominantly targets small and medium-sized businesses with payments solutions, will use the fresh funding to offer new payment solutions, as well as “purpose-based” lending services – to both consumers and retailers. Paul…
South African fintech Adumo lands m from World Bank member

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