African Rainbow Capital acquires Crossfin in R1.5 billion transaction

ARC Financial Services (ARC FS) is part of a consortium that has entered into agreements to acquire 100% of Crossfin Technology Holdings.

ARC FS has also committed to providing acquisition and growth capital in the R1.5 billion transaction.

ARC FSH is 50.1% owned by African Rainbow Capital and 49.9% owned by the ARC Fund, which is the vehicle holding the assets within ARC Investments, the listed entity.

In terms of the transaction, ARC FSH will acquire 37.33% of Crossfin, via the consortium, for a consideration of R600 million.

It will assume a combination of acquisitive capital from the existing shareholders and growth capital for identified portfolio transactions.

Crossfin is one of Africa’s leading independent fintech platforms, as measured by both the volume and value of transactions processed through its platforms.

Crossfin seeks to entrench its position as a market-leading platform.

It is a high-growth business operating in industries that are set to benefit from the growing trend towards the usage of digital payments over cash.

“The transaction is a landmark deal that will see Crossfin being positioned for the next phase of its growth trajectory,” ARC said.

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African Rainbow Capital acquires Crossfin in R1.5 billion transaction