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South African Fintech Startup, Adumo Raises $15 Million for Infrastructure

Paul Kent, Adumo CEO- Image from facebook
Paul Kent, Adumo CEO- Image from facebook Paul Kent, Adumo CEO- Image from facebook
Paul Kent, Adumo CEO- Image from facebook
Paul Kent, Adumo CEO- Image from facebook Paul Kent, Adumo CEO- Image from facebook
Adumo is one of the largest fintech startups in South Africa that accelerates payment processors. The startup offers a variety of payment methods to independent retailers, major multinationals, informal traders, and entrepreneurs.
Among the top subsidiaries in the company are Innervation Rewards, Ikhokha, and Sureswipe. In addition, Innervation Pan African Payment joined the forum recently. Since its beginning, the company has recorded a positive increase in the number of users. As a result, investors have seen Adumo as the best startup to venture into.

IFC investment boost Adumo

Recently, one of IFC’s Asset Management branches decided to invest almost $15 million, grabbing some shares. The IFC Financial Institutions Growth Fund has also helped other major companies raise funds. They always pop in during a crisis or early-stage of a startup. Many people backed up the Adumo idea, saying that cashless payments are the next big business. The pandemic and its effects have changed how we handle money. So the financial industry must take technology into account.


The startup was founded by Paul Kent, who is also the CEO. He confirmed that the amount raised by IFC will help to implement new technological payment methods. It will also assist in coming up with lending programs. Such initiatives will help retailers, and customers feel free to use the platform. The future is unpredictable, with the Covid-19 virus mutating now and then.
South Africa was one of the most affected countries by the pandemic. It experienced many deaths when the Covid-19 was at the climax. Nevertheless, they managed to open the country when the vaccine distribution started in early 2021. The country is therefore working towards achieving its economic balance. Retailers and small business clients are taking loans to supplement their capital to start a business. With the availability of Adumo, they might find the perfect solution to take loans at affordable interest.

A word from the CEO

Paul, the co-founder, had a lot to talk about. ” By investing in Adumo, we will be assisting small businesses in gaining access to the digital economy, which is more critical than ever.”
Technology is growing everywhere. Even many investors prefer risking their money in a company that embraces new technology. Adumo is very ambitious in giving the next generation better and complete payment services. However, more features are yet to be added to the system, a report by startup list.
The IFC Vice President, Aergio Piment, chairs the Middle East and Africa. He admitted that digital payments are the driver for small businesses looking for credit history. It leads to the opening up of new financial services to expand the business. When a certain payment method is missing, the fintech company is there to implement it. Therefore, it means that Adumo fintech should be near to its users to get all the feedback. Customer requests must always be given a higher priority than the rest.


The $15 million investment will be of great help to Adumo. The CEO has promised to create an affordable payment system for everyone. The charging fee must be reduced to give a chance to common citizens to employ Adumo’s services. Even smaller businesses are looking towards using Adumo as their only digital payment platform as compared to others.
If the startup continues to expand, the CEO has promised to launch branches in other African countries. Like Paypal and Visa, Paul has much vision about his startup. He believes it will serve to international levels one of these coming days.
There is more space in the fintech industry, but one has to be smart and innovative.
Fintech startups are moving towards allowing people to transact and pay using bitcoin methods. People across the world have invested heavily in Forex. Therefore, it would be easier to trade online using bitcoin technology. Adumo board has discussed the issue, but they are yet to release a report. Although there are more fintech companies, if a country implements their local, the chances of growing get higher.

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