South African fintech startup uKheshe has raised USD 500 K in seed funding (more than ZAR 7.6 Mn) from FiTech Ventures and Ocean on 76. The second investment for the Johannesburg-based firm, the funding brings its valuation to USD 6.5 Mn (ZAR 100 Mn).
The funding comes 10 months since the financial inclusion platform was launched. The startup was initially under the umbrella of CIS as an incubatee within software development house Jin.Guru, an Indian software company. Jini.Guru helped uKheshe with business set up and pumped in USD Mn in the fintech startup while incubating is as a corporate social investment initiative.
The co-founder of uKheshe, Clayton Hayward, said that being able to access a transact account is the first step towards having a broader financial inclusion for the company. According to him, the startup has noticed since its launch that such needed services significantly impact the general financial inclusion of unbanked and underbanked South Africans.
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