Adumo raises US $15 million from IFC to boost its African operations

Adumo raises US $15 million from IFC to boost its African operations

This is a good week for payments processors everywhere.

While Flutterwave has achieved a unicorn status in the market, South African Adumo has also raised a $15 million funding in its latest round.

For those that are not familiar, Adumo is a local payment start-up that hopes to help small and medium scale enterprises get better at handing electronic payments within the country. They have also worked with multinational brands to ensure seamless remittances from clients both home and abroad.

This latest funding was provided by the IFC which is a member of the World Bank Group. We expect that the capital injection will help Adumo expand to more than the 14 African countries where it now has a presence while also boosting the quality of its services across board.

In exchange for the funding, the IFC gets the same amount worth of preferred shares from the company.

The fact that the growth of the IFC’s investment is tied to the growth of the start-up means that they will also do all they can to ensure the payments processor only gets better.

As we emerge from the pandemic and business starts moving again, it is sure that more and more vendors, retailers and manufacturers would have more need for the services of Adumo.