Bristol-based ICON Corporate Finance has worked on a groundbreaking African fintech deal.
The tech-focused investment bank acted as lead adviser in the sale of African digital payments provider Beyonic Inc to pan-African cross-border payments platform MSF Africa.
The transaction has the potential to accelerate the development of Africa's 'mobile money' economy.
ICON played a key role in putting the deal together, sourcing potential investors and acquirers, advising on the deal terms and co-ordinating due diligence related to the sale.
ICON chief executive and founder Alan Bristow said:
"The deal shines a spotlight on Africa's vibrant fintech industry. With 66 per cent of its population unbanked, and with the world's youngest workforce, mobile money transactions in Africa are the highest in the world."
Monica Shupkai-Simmons (above), Africa-expert and ICON director, who handled the Beyonics deal, added:
"Global financial connectivity to Africa's micro and SME sector has never been more important. This merger accelerates and broadens the digital payments space in Africa, facilitating transactions with Africa and within."
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