Investment One Financial Services through its Venture Capital subsidiary, Investment One Vencap Limited has taken a stake in Paycode, a rapidly growing fintech business focused on financial inclusion across Africa and the frontier markets to drive business expansion in the African market.
In a statement, it said the new solution will address three critical problems for the unbanked and underserved by providing low-cost solutions to those without formal identification in areas with little or no mobile or internet connectivity. Commenting on the new development, the Chief Executive Officer, Paycode, Ralph Pecker, said, “We see Investment One as so much more than just an equity partner to Paycode. They are a significant and innovative player in the financial services sector of Nigeria, a key growth market for the organisation. We believe that having them on board will greatly accelerate our expansion objectives in Nigeria and that we, in turn, can provide an excellent return on their investment.
“Investment One analysed Paycode’s future growth trajectory in Nigeria alone to draw conclusions about its relative value. Currently, most of Paycode’s active users are in Ghana, Zambia and Mozambique but the pipeline in larger countries, such as Nigeria and the DRC, is a key growth driver.