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In a significant move to enhance the South African credit bureau landscape, 1K Africa and Ascension Capital have announced an investment in Consumer Profile Bureau (CPB), a prominent credit bureau known for its innovative solutions and extensive market reach. This strategic investment underscores the commitment of both 1K Africa and Ascension Capital to supporting CPB’s growth and expansion endeavors.
CPB, established in 1981, has garnered a strong reputation for its comprehensive credit bureau services, encompassing tracing, credit verification, and debtor profiling. Distinguishing itself from traditional credit bureaus, CPB extends its offerings to provide real-time credit solutions catering to a diverse clientele. These solutions encompass reporting and analytics, digital identification, paperless FICA (Financial Intelligence Centre Act) compliance, and online data analytics.
The recent grey listing of South Africa has spurred an increased demand for Know Your Customer (KYC) identification validation and innovative solutions for client onboarding and compliance. CPB’s expertise in these areas positions it favorably to address these emerging needs. Ascension Capital’s equity investment will not only strengthen CPB’s competitive edge but also contribute to a sustainable B-BBEE (Broad-Based Black Economic Empowerment) score, enabling the company to navigate the evolving regulatory landscape effectively.
Kabelo Moja, Chief Executive Officer of Ascension Capital, expressed his enthusiasm for the investment, highlighting CPB’s robust business model and substantial growth potential. He emphasised the alignment between Ascension’s investment focus and CPB’s mission to utilise technology and IT systems to enhance financial inclusion while ensuring compliance with evolving regulatory requirements.
“We are proud to announce Ascension’s investment in CPB. Our investment focus revolves around innovative businesses that address fundamental human needs, particularly those with strong technology foundations. CPB aligns perfectly with our vision by using technology and IT systems to enhance financial inclusion while ensuring compliance with evolving regulatory requirements,” he said.
Marina Short, Chief Executive Officer of CPB, expressed her optimism about the partnership and investment, stating that the collaboration with 1K Africa and Ascension marks a significant step forward in CPB’s journey to become the leading South African credit bureau. She emphasised the shared vision of leveraging the onset of Artificial Intelligence in the data bureau environment to drive innovation and enhance customer offerings.
Hendrik Jordaan, President and Chief Executive Officer of 1K Africa, echoed this sentiment, emphasising the investment’s alignment with 1K Africa’s vision to drive technological innovation and growth across the African technology landscape. He lauded CPB’s ability to leverage its proprietary technology and data to provide enhanced customer offerings.
The combined expertise and resources of 1K Africa, Ascension Capital, and CPB are expected to create a formidable force in the South African credit bureau industry, driving innovation, expanding market reach, and enhancing financial inclusion across the region.