Xago announced on Wednesday that it had received a substantial investment from Imvelo Ventures. Xago is an innovative South African FinTech that focuses on an all-inclusive approach to moving money rapidly across Africa.
Imvelo Ventures is a venture capital investment company founded by Capitec Bank and Empowerment Capital Investment Partners.
The company said it would use the funds to continue to expand its cryptocurrency services and products into African markets.
Xago was co-founded in 2016 by Jurgen Kuhnel, Sonya Kuhnel and Mark Chirnside.
“Xago changes the way money flows, what it costs and how long it takes to reach a destination while providing a secure, traceable and effective solution to all elements of the financial ecosystem,” says Chirnside, Xago’s CEO and Chairman.
Xago moves money into or out of crypto in just a few innovative steps and delivers a bespoke payment gateway built on the XRP Ledger and custom-built exchange to trade, send and receive XRP/Xago Digital ZAR.
“Capitec is excited to become involved with such a strong team, who are true experts in the blockchain domain. Xago offers an innovative, low-cost and secure settlement platform to enable us to push the boundaries of traditional payment infrastructure,” confirms Stefan de Klerk, Innovation & Digital Solutions, Capitec Bank Limited.
As Xago is the leading fiat (cash) on- and off-ramp of XRP/Xago Digital ZAR for crypto exchanges, and continues to work with regulators and strategic partners across the globe, this investment is perfectly timed to drive substantial growth for the company.
“At Empowerment Capital we look for investees with strong leadership teams who are able to drive inclusive transformation in the South African economy through solutions that address current challenges faced by consumers and society”, says Anton Baumann Executive Director at Empowerment Capital and Imvelo Ventures.
“Xago’s offering is unique, bypasses traditional payment rails, while remaining fully compliant and highly secure. Investing in this dynamic Fintech to provide alternative opportunities for individuals, SMEs and Corporates to build alternative wealth in South Africa and into Africa, is a perfect step into the crypto space for Empowerment Capital and Imvelo Ventures.”