Crossfin Backs DigiSquad to Expand Digital Payments in Africa
TLDR
- South African fintech investment firm Crossfin has invested in DigiSquad, a Johannesburg-based digital payments advisory focused on underserved African markets
- DigiSquad provides consulting, product development, and data analytics services to clients across Africa and the U.S. Its flagship product, DigiEngine, is used by Eskom
- The new capital will support DigiSquad’s regional expansion and its goal of increasing financial access in underserved areas
South African fintech investment firm Crossfin has invested in DigiSquad, a Johannesburg-based digital payments advisory focused on underserved African markets. The investment amount was not disclosed.
Founded in 2015 by Bishmen Kumalo, DigiSquad provides consulting, product development, and data analytics services to clients across Africa and the U.S. Its flagship product, DigiEngine, is used by Eskom, South Africa’s national utility, where it serves as one of five national vending agents.
The new capital will support DigiSquad’s regional expansion and its goal of increasing financial access in underserved areas. Kumalo highlighted the importance of designing fintech solutions rooted in local contexts, adding that DigiSquad, a black woman-owned firm, aims to redefine innovation in digital finance. Crossfin said DigiSquad’s cloud-native payments platform complements its broader portfolio and will be integrated into other investments across the group.
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Key Takeaways
Africa’s fintech ecosystem continues growing, but large financial access gaps remain. According to the World Bank, more than 45% of adults in sub-Saharan Africa remain unbanked. While mobile money has made inroads, underserved populations—especially in rural areas—often lack tailored financial products. Firms like DigiSquad are targeting this gap. Rather than replicating existing solutions, they work with utilities, governments, and SMEs to co-design platforms that respond to unique market dynamics. Their contract with Eskom signals growing institutional trust in local fintech players. Crossfin’s strategy aligns with a broader investment trend focusing on infrastructure and inclusion. Investors are increasingly backing cloud-native, API-driven platforms that can scale quickly and plug into multiple service layers—from utilities to social payments. As funding in the fintech sector becomes more impact-driven, firms that combine commercial viability with inclusive product design are gaining traction. DigiSquad’s growth reflects this shift, particularly in markets overlooked by traditional banks and legacy providers.
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