Crossfin Transactional Solutions (CTS) has rebranded to Adumo, in an attempt to infuse the fast-growing fintech company with an authentic African feel that speaks to its existing and future customer base.
Following the 2019 acquisition of Sureswipe by Crossfin Technology Holdings, a fintech investment company, and Apis Growth Fund, a private equity fund managed by London-based Apis Partners LLP, Crossfin Transactional Solutions (CTS), South Africa’s largest independent payments and merchant acquiring solutions platform was formed.
2020 will now see an authentic, local positioning of CTS to ‘Adumo’.
Adumo services more than 30 000 active clients and 50 000 active card machines – processing over $4 billion in transaction value – and with a presence in 7 African countries, making it is the largest independent payments and fastest-growing merchant acquiring solutions platform.
Adumo brings together three of South Africa’s favourite and most well-known payment service providers under one entity – Sureswipe, Innervation Pan African Payments, and iKhokha. All three entities deliver enticing value propositions for their different target markets. Each of these will continue to focus on their unique market segments.
“Last year CTS successfully cemented its stake as an African fintech leader, with global backing. With the launch of our new name, Adumo, we are now strengthening our African and Fintech brand positioning. This announcement will usher in an exciting new period whereby financial inclusion and accessibility to alternative payment methods will provide Africans with more innovative, cashless ways to be part of the economy,” says Adumo CEO, Paul Kent.
Adumo provides businesses with support for their business needs – whether it be an informal trader, large retailer, or franchise environment. Add-on services are provided from a consortium perspective and range from financial services, lending solutions, cash advance, next-generation point of sale software, loyalty solutions for improved customer engagement, and other value-added services that promote cross-sell opportunities between the different brands.
“From a safety perspective, going cashless is imperative to the growth of the African economy,” added Kent. “This is especially the case in the informal sector where traders want to provide their customers with a secure, user-friendly, and quick way to transact. Combining the strengths of these leading payment platforms has resulted in the creation of a global fintech giant that can address any transactional merchant and retail need irrespective of country, market size, and customer requirement. We look forward to a new era of growth and support for all independent retailers across the continent.”
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