Tamela Capital Partners today announced that Tamela Mezzanine Debt Fund I (“Tamela” or “the Fund”) has provided growth funding to Crossgate…
Tamela Capital Partners today announced that Tamela Mezzanine Debt Fund I (“Tamela” or “the Fund”) has provided growth funding to Crossgate, a South African leader in card, mobile and processing platforms that connects merchants, banks, consumers and brands. This includes non-chip retail cards and more complex chip-based banking cards such as Mastercard and Visa. Crossgate also provides mobile payment solutions and data services. The investment will see Crossgate increase capacity in its highly secure card personalisation facility. The transaction affords the Fund the ability to support a strategic growth sector and is furthermore aligned to the Fund’s impact imperatives specifically, financial inclusion.
Sydney Mhlarhi, Partner at Tamela Capital Partners said: “Payment solutions systems are integral to the enablement of any economy. We are pleased to be able to play a role in the development of this space in South Africa through supporting Crossgate’s journey as it transforms payment solutions in Africa and other emerging markets. Tamela’s initial investment into Crossgate cements a solid partnership that aligns with our principles of funding businesses that will grow into new markets and further reinforces our focus of igniting South Africa’s economic growth whilst delivering attractive returns to investors.”
David de Coning, CEO of Crossgate said: “We are excited to work with Tamela Capital Partners. This investment will accelerate our growth aspirations by enabling us to enhance our value-add beyond the current payment solutions. It is also pleasing to note that this builds on our contribution to our region through job creation as a result of the expansion project.”
About Tamela Capital Partners:
Tamela Capital Partners is one of the few credit-oriented alternative asset managers in Sub-Saharan Africa, with a focus on delivering attractive risk-adjusted returns and capital preservation to investors. Tamela provides funding of between R50 million and R200 million to corporates in South Africa, Namibia, Botswana, and Lesotho seeking capital for growth, refinancing, and expansion. Tamela’s focus on capital protection and ability to create partnerships with management teams enables them to provide appropriate funding solutions to clients.
About Crossgate:
Crossgate is a 100% South African business that provides secure card and payment solutions to tier 1 retailers and banks. Founded in 2007, Crossgate has developed its own technology and also works with leading global technology partners to provide secure transaction processing solutions and platforms to manage electronic payments securely. It is the first and currently the only Visa / Mastercard approved card production facility in Cape Town and leverages its strong retail distribution network and market dominance to take banking payment instruments to underserved customers.
For more information contact: Sydney Mhlarhi | +27 10 443 4615 | sydney@tamela.co.za
Issued by Brunswick on behalf of Tamela: Kwanele Mdletshe | +27 66 307 4734 | kmdletshe@brunswick.co.za