Acquisition of additional interest in ChannelVAS (CVAS)

Convergence Partners is pleased to announce that it has acquired an additional $5 million interest in CVAS, a leading fintech provider of mobile financial services across sub-Saharan Africa and beyond. 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.

Says Brandon Doyle, CEO of Convergence Partners, “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. 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.

ENDS
For further information contact:

Yolande Tabo
Head: Investor Relations Convergence Partners yolandet@convergencepartners.com