Adlevo Capital Managers, a private equity fund manager focused on investments into technology-enabled businesses in sub-Saharan Africa, and Intel Capital, Intel's global investment and Merger and Acquisition focused organisation, have completed an expansion investment into Rancard Solutions Limited (Rancard).
Rancard is a firm focused on delivering mobile money and other technology solutions.
Commenting on the investment at a media briefing in Lagos weekend, the Chief Executive Officer, Rancard, Mr. Kofi Dadzie, said the "investment will play a vital role in enabling us to expand our footprint across Africa on both a reputational and operational level.
"We are delighted that both Adlevo Capital and Intel Capital have agreed to come onboard at a time of such opportunity and are excited about working with such experienced and globally recognised partners."
On his part, the Managing Partner at Adlevo Capital, Mr. Yemi Lalude said: "Rancard is a perfect example of African entrepreneurs bringing world-class technology solutions to market. The company is uniquely positioned to bridge the gap between content owners and mobile operators and is poised to benefit from the growth in mobile data services."