Convergence Partners an African management firm has just bought a minority stake in Venture Garden Nigeria a fintech investment company that incubates and invests in early-stage fin-tech startups in Nigeria, for $20 million. It is expected that this new development will help facilitate VGN’s growth acceleration plans across West Africa.
Convergence Partners which was founded in 2006 and has committed itself to the development of new investment opportunities in Africa, is also continuously adding value to investments across the entire life cycle of ICT assets, and contributing to the acceleration of communications access and ICT infrastructure development in Africa while focusing on ventures that increase accessibility to broadband services and new technologies to Africans.
In a press statement issued by Convergence Partners, Brandon Doyle the CEO of the investment firm, speaking on the rationale behind the move says that;
“Innovative financial technology is a key component of the African development story, as it enhances efficiency and governance, and enables service provision to the broader population. With its high calibre and energised management team, and leading position in the fast growing markets in which the company operates, VGN is a very exciting investment opportunity for us.”
Convergence Partners has also provided financial backing to Seacom, 4Di Capital, FibreCo, Access Kenya amongst many others while Venture Garden Nigeria has invested in Nigerian based startups like SureGifts, Prepclass, TalentBase and TutorNg
image source: convergencepartners.com
