Tech-focused investment bank, Bristol-based ICON Corporate Finance, has suggested you of the most critical fintech trades of its kind lately. In a landmark deal, ICON acted as lead adviser in the selling of African American payments supplier Beyonic Inc into pan-African cross-border payments platform MSF Africa.
The significance of the trade lies in its capability to accelerate the growth of Africa’s ‘mobile money’ market, as fintech solutions bring about the region’s economies.
ICON played an essential role in putting the deal together, sourcing prospective investors and acquirers, advising on the deal conditions and co-ordinating due diligence about the sale. Mobile money, that accounts for around 54% of African American financial action, enables African people and enterprises to float financially out of standard banking infrastructure; it enables the unbanked.
ICON CEO and Founder, Alan Bristow, commented: “We are delighted to have been at the forefront of this cutting-edge transaction that brings financial inclusion and greater access to digital transactions to countries in Africa.”
Alan Bristow added: “The deal shines a spotlight on Africa’s vibrant fintech market. Together with 66% of its inhabitants unbanked, and with all the world’s youngest workforce, cellular currency trades in Africa are the highest in the entire world.
“Sub-Saharan Africa now leads the world in mobile money, leapfrogging the legacy systems used for payments in the West to account for almost 10% of GDP. As a sector, fintech is expected to contribute USD 150bn to Africa’s GDP by 2022. It’s an area that we fully expect to grow, and as a result, we anticipate working on many similar deals in the near future.”
Beyonic concentrates on retailer solutions for SME and NGO customers, together with MSF Africa’s broad electronic payments network throughout the area will join Africa to partners across the globe and empower global partners to get African American payments.
Monica Shupkai-Simmons, Africa-expert and Manager of Tech Investment Bank in ICON, who managed the Beyonics bargain, additional: “Global financial connectivity to Africa’s micro and SME sector has never been more important. This merger accelerates and broadens the digital payments space in Africa, facilitating transactions with Africa and within.”
This was published in Bdaily’s Members’ News department