Convergence Partners exercised preferential and exclusive rights to acquire the stake as a result of an intra-consortium rebalancing of the holdings of another member of the Ethos consortium through which Convergence Partners is partially invested.
“We are very pleased to have been able to top up our investment in ChannelVAS. This is a business we feel particularly excited about as it ticks a number of boxes for us as an investor; the success of the business demonstrates the capacity of digital data and AI technologies to deliver meaningful and robust solutions to meet the real financial needs of underserved customers in the markets it serves.”Brandon Doyle, CEO of Convergence Partners
Channel VAS provides Mobile Financial Services, Big Data Analytics and Airtime Credit Services to mobile operators and financial institutions in more than 30 countries, enabling access to micro and nano loans including cash, handsets, airtime and data. Since the business began in 2012, it has helped clients serve hundreds of millions of customers in the region.
In October 2019 Convergence announced their initial investment, together with Development Partners International (“DPI”), a leading pan-African focused private equity firm.
“This substantial development impact comes coupled with rapid, profitable growth and dominant scale in the business’ chosen solutions, a focused, top quality management team, substantial future scale and growth prospects, solid and proven execution capabilities and delivery of market leading metrics.” The business continues to deepen its position as a global leader in airtime credit solutions to its partner mobile network operators while building out a pipeline of exciting new scalable products.”Brandon Doyle, CEO of Convergence Partners