According to bank provided information, the proposed project consists of an equity investment by IFC and IFC Asset Management Company of up to $15 million in Adumo RF Pty Ltd (Adumo), a leading independent payment platform in South Africa. Adumo enables merchants to accept card payments through a physical POS device or an App-based device, and also provides payments processing, loyalty card management, reconciliation and other value-added services.
The proposed IFC investment consists of up to $7.5 million in preferred shares issued as part of a $15 million capital raise to fund the growth of the company. The IFC Asset Management Company (AMC) is considering an investment of up to $7.5 million through its Financial Institutions Group Funds as part of the capital raise.
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