Crossfin, the venture capital arm of South African fintech Crossfin, has invested in DigiSquad, a Johannesburg-based payments advisory and platform provider focused on underserved African markets. Although the investment amount remains undisclosed, the capital injection will drive DigiSquad’s plans to expand financial inclusion across the African continent, targeting both public and private sector clients.
Founded in 2015 by Bishmen Kumalo, DigiSquad provides advisory, consulting, product development, and data analytics services to clients across Africa and the United States. The company claims it is bridging the gaps in financial inclusion by designing products tailored for communities ignored by traditional financial institutions.
Over 18 months, DigiSquad built its flagship platform, DigiEngine, which recently secured a contract as one of Eskom’s five national vending agents. According to Crossfin, the collective experience and expertise within the squad have enabled the company to compete on an even footing with larger, more established companies.
“Africa’s payments sector is rife with innovation, but many products for underserved communities overlook existing local solutions,” Kumalo said in a statement. “We are enabling these solutions through our digital offerings and are committed to redefining digital innovation as a black woman-owned fintech.”
Kumalo noted that Crossfin’s demonstrated commitment to supporting fintechs focused on high-impact, often underserved segments like DigiSquad, was a key factor in their decision to partner.
“DigiSquad attracted us because of its cloud-based payments platform that holds great relevance across our portfolio and has already enjoyed the endorsement of Eskom,” said Anton Gaylard, co-founder and CXO at Crossfin. “We look forward to using their expertise across our portfolio and supporting them as they build out an exciting payments business.”
