Mobile finance fintech Channel VAS lands $54m investment
Channel VAS – a mobile financial and airtime credit services provider serving Africa, Asia and the Middle East – has received a $54 million investment from Development Partners International (DPI), reports Jane Connolly.
As an active investor, DPI will work closely with senior management, shareholders and the board. Convergence Partners will also be investing alongside DPI.
“Channel VAS’s success so far positions it perfectly to continue to capitalise on Africa’s growing, yet underpenetrated mobile airtime market,” says Eduardo Gutierrez-Garcia, partner at DPI.
“Providing services to the underbanked and a rapidly growing young population is an incredibly exciting space to be operating in and DPI is delighted to become a partner to Channel VAS on its journey.”
Serving mobile operators and financial institutions in more than 30 countries, Channel VAS provides mobile financial services, big data analytics and airtime credit services.
This year the company is on track to supply over $1.5 billion of credit through its micro and nano loans, including cash, handsets, airtime and data.