SA fintech uKheshe nets over R7m from investors on R100m valuation

Joburg-based fintech startup uKheshe has raised $500 000 (over R7.6-million at the current exchange rate) in seed funding on a valuation of R100-million, from FiTech Ventures and Ocean on 76.

Ukheshe’s app, which was launched 10 months ago, enables users to make quick payments to individuals without the need of a bank account. It’s the second investment that uKheshe, which was founded last year by Jason Penton and Clayton Hayward (pictured above), has received.

Previously Indian software development house Jini.Guru — which helped to set up the business and incubate it initially as a corporate social investment initiative — invested $1-million in the company, Hayward told Ventureburn yesterday.

Read the full article on Ventureburn

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