It was announced on Monday, 11 December 2017 that Isaac Mophatlane, founder of BCX, has joined the Crossfin board as director. Mophatlane joins executive directors Dean Sparrow and Anton Gaylard, co-founders of Crossfin, as well as non-executive directors Neil Michelson of Capital Eye, and Matthew Blewett (former BCX chief operating officer) and Craig Coombe, both of whom are from the Multiply Group, Crossfin’s co-investment partners.
Crossfin CEO Dean Sparrow says Mophatlane will play a key role over the next year as the fintech group aims to aggressively grow its positioning on the African continent with an eye on a future listing. “Isaac has a depth of experience in building a business up from a small company to a large listed entity with operations across multiple countries, both in Africa and abroad. His extended network in the ICT, financial services, and retail industries in a number of African countries is hugely relevant to Crossfin, and will support our organic and acquisition-led growth strategy over the coming months.”
Mophatlane co-founded ICT services company BCX and grew it to a major business, employing more than 7 000 people and generating revenues of R7-billion. In 2016 he sold BCX to Telkom, creating the largest ICT services business on the African continent, but stepped down a year later.
Commenting on his appointment, Mophatlane said: “We are living in such exciting times with the pervasive impact of technology in all parts of our economy and society. This is especially apparent in financial services, a key enabler for any emerging economy. I am inspired by what South African FinTech companies are doing in this sector and privileged to take up a leadership role in one of South Africa’s leading and most innovative FinTech groups.”
Crossfin has completed several deals in its first year, initially acquiring the South African subsidiary of global corporate services company Edenred through its portfolio company Innervation in July before creating a new IT services powerhouse with the merger of portfolio company Alacrity and IT services company Saratoga.
The Crossfin group owns stakes in several companies in the fintech industry including Innervation, WiGroup, Emerge Mobile (including iKhokha), Alacrity and Blue Garnet. Capital Eye Investments and Durban-based investment firm Multiply Group are co-investors in the group.