Fintech solution RainFin has announced the conclusion of a 30% equity transaction of an undisclosed amount with The LeBashe Investment Group.
“After reviewing a host of investment opportunities, we think that there is an excellent strategic fit between RainFin’s unique value proposition and potential to scale, and LeBahse’s vision to build a pre-eminent black-owned financial services business, which is accessible to all,” said spokesperson for LeBashe Investment Group Warren Wheatley.
No ad to show here.
LeBashe’s portfolio already consists of a diverse portfolio of stakes in Capitec, and Aluwani Capital among others. As of the end of November, LeBashe has revealed that its asset position stood in excess of R3.5-billion.
RainFin and LeBashe aim to take on 2017 by concluding a 30% equity transaction
The equity transaction resulted in RainFin’s direct black ownership increasing to 41%. This was due to LeBashe being 100% black-owned and managed. The LeBashe Investment Group’s board of directors is led by many experienced individuals such as Tshepo Mahloele, Warren Wheatley and Jabu Moleketi.
Mahloele is the CEO at Harith General Partners and is one of the originators of the US$630-million Pan African Infrastructure Development Fund. He also previously headed the Corporate Finance and Isibaya Fund Division of the Public Investment Corporation.
Wheatley is a chartered accountant and a certified financial planner who is one of the founding principals of TSS Capital. He also serves on the board of the Financial Planning Institute of SA as a non-executive director.
Moleketi was the deputy minister of Finance for SA from 2004-2008 and is now a non-executive chairman of Brait as well as the Development Bank of Southern Africa.
Both LeBashe and RainFin have expressed beliefs that this increase in black ownership will have a positive effect on the underbanked incumbents in SA.
“This transaction and the collective experience of Tshepo, Jabu and Warren, strengthens RainFin’s leadership position in financial services disruption within the lending industry,” said RainFin’s CEO Sean Emery.
“Furthermore, the transaction enhances RainFin’s capabilities for expansion and will allow us to accelerate our organic growth strategy in the high potential markets of Africa,” concluded Emery.
Featured image: Home Thods via Flickr (CC 2.0, resized)
