ARC, Ethos Mid-Market Fund 1 to acquire fintech company in R1.5bn deal
African Rainbow Capital (ARC) subsidiary ARC Financial Services Holdings (FSH) is part of a consortium that has entered into agreements to acquire 100% of fintech company Crossfin Technology in a R1.5-billion transaction.
ARC is part of a consortium led by the Ethos Mid-Market Fund I.
Through the consortium, ARC FSH will acquire 37.33% of Crossfin for a consideration of R600-million, which will assume a combination of acquisitive capital from the existing shareholders and growth capital for identified portfolio transactions.
The transaction is considered a landmark deal that will see Crossfin being positioned for the next phase of its growth trajectory.
Crossfin operates a highly differentiated business model based on investing and supporting an ecosystem of synergetic and complementary fintech businesses at different stages of maturity, which has allowed the platform to consistently achieve robust top-line and earnings growth.
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