outh Africa’s FinTech investment platform Revix aims to expand its operations into Europe and the Middle East.
The platform with offices in Cape Town and London is also not discounting setting up operations into the rest of Africa, especially in key markets of Nigeria, Kenya, and Egypt.
“We would love to grow more into Africa,” Sean Sanders, the founder, and CEO of Revix, told TechFinancials in an interview.
“The big conundrum we face in Africa is the regulation side of things.”
Sanders said Africa was very slow to adopt cryptocurrencies regulations and introduce new innovative regulations.
“As a FinTech that sort of operates on the cutting edge, we need regulations to be forward-thinking,” said Sanders.
“We are looking now at Europe because, unfortunately, you need regulation in many respects before you can have the company operating there successfully.”
Sanders added that Revix is looking for opportunities in Europe for now, but will eventually explore Africa over time.
He said when appropriate regulations are in place Revix would explore opportunities in Nigeria, Kenya, and Egypt.
“These are really big markets. While FinTech is growing there, you don’t have the FinTech players you have in Europe,” Sanders explains.
“I think that’s a big opportunity for us.”
Revix recently bagged R59 million from off-shore capital funding, and that money is being used to explore growth opportunities in Europe.
“We are seeking a lot of legal advice to set up the companies internationally, and it costs a lot of money,” said Sanders.
“So, setting up an EU business takes time and a lot of money. We also spent a lot of money on marketing.
“We are a company that wants to grow over 50% month-on-month. That means you have to put a lot of money into marketing.”
As part of its marketing plan and efforts to position itself as a credible player, Revix recently sponsored the 2021 FA Cup Final.
The company has also received a huge endorsement by being selected in one of the programmes by the Founders Factory Africa (FFA), a venture development company based in Johannesburg.
“In addition to us getting … I suppose the skills and money from them, it’s also a good stamp of approval from a company such as FFA to endorse and promote us to build trust and credibility, which is pretty much the game we are playing,” said Sanders.
The company has secured $300 000 or R4.4 million in funding from FFA.
Furthermore, Revis was recently one of 11 selected FinTechs (of 500 applicants) for Wave 2 of the Qatar FinTech Hub’s Incubator and Accelerator Programmes.
The Qatar FinTech Hub, founded by Qatar Development Bank to support the growth of the FinTech industry in Qatar.
Sanders said the Qatar Fintech Hub’s Incubator and Accelerator Programme was looking to incentivise businesses to set up shop in Qatar and grow their Middle Eastern region presence.
As things stand now, the Middle East is going through an exciting transformation.
The Middle East is opening up financial services to innovative FinTechs and is potentially looking at cryptocurrencies.
“So, for us, that’s a big opportunity to expand there. Essentially, the way that Qatar FinTechS Hub works is they connect you with local banks,” said Sanders.
“We have connected with a local bank. They connect you with local investors as well. All of those discussions are ongoing.
“The goal will be to set up a Middle East entity. That wouldn’t cost us any money through this partnership and expand in the region in the next 2-3 years.”
Revix was founded in 2018 on the principle that everyone should invest their own money and become their wealth manager.
The company’s customer growth has mirrored the exponential rise in the cryptocurrency market, which is valued at over $2 trillion or R29 trillion – making the digital asset class more valuable than Apple.