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Press Release: Renew Capital Angels Invest in Ugandan Digital Payment Platform Xente
By Margaret Mandeya | Wed Mar 29 2023
Digital payments made easy for African businesses
Kampala, Uganda, 29 March 2023 — Renew Capital Angels have invested in Ugandan digital payment platform Xente. Xente makes it easier for businesses to make payments and track and manage their finances in a single easy-to-use digital platform.
Xente, a business neo-bank, is helping to drive the agenda of digital transformation in the region where the majority of payments are done manually. Only 5%–7% of all payment transactions in Africa were made via electronic or digital channels (Mckinsey, 2022). In addition, banks reported the proportion of SMEs that use digital banking to be less than that of retail customers (Backbase, 2022). “The scale of the problem Xente is solving and the market opportunity that exists for their offering is impressive. We are proud to be on this journey with Xente as it expands its business across the region,” says Renew Capital Senior Investment Manager Diana Njuguna.
“We are excited that Renew Capital Angels has invested in Xente. This investment serves as a validation of our commitment to transforming Africa from underdeveloped to developed through our digital finance solution for businesses,” says Xente CEO Allan Rwakatungu. “Our focus remains on diligently executing our mission and addressing the real problems faced by our customers.”
Businesses can use Xente to make payments using cards, mobile money, domestic and international bank transfers, as well as to pay bills and send airtime and data. Furthermore, the platform allows them to efficiently manage their petty cash expenses to ease the complexity of accounting and finance.
In 2022, Xente acquired a license from the Bank of Uganda and also partnered with Visa to launch one of the first physical and virtual corporate cards by a fintech in East and Central Africa. Xente hopes to expand its user base with the investment from the Renew Capital Angels and continue enhancing its product offering.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
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