Crossfin is expanding its investment focus beyond South Africa as it looks for fintech opportunities in other emerging markets.
The shift follows several exits in recent years, including Retail Capital’s sale to TymeBank in 2022, Adumo’s sale to Lesaka Technologies in 2024 and iKhokha’s sale to Nedbank in 2025.
Since November 2021, Crossfin has returned more than R2 billion to shareholders and completed three exits.
Founded in 2017 by Anton Gaylard and Dean Sparrow, Crossfin invests in high-growth and cash-generative fintech businesses that support access to financial services.
Its portfolio focus includes payments, funding, banking, software and embedded finance.
Anton Gaylard, Co-founder and Chief Exponential Officer at Crossfin, said fintech is entering a more mature phase.
“Throughout Africa, the Middle East and Southeast Asia, fintechs are expanding financial inclusion, reducing reliance on cash, and building payment systems that are increasingly sovereign and digitally native.”
He added that the company’s recent exits have shaped its next phase of growth.
“Our recent exits prove our ability to create and realise value,” says Gaylard. “Our next chapter is about building on that foundation: expanding from Africa into other high-growth emerging markets, backing exceptional teams, and creating fintech platforms that can endure.”
Crossfin’s Expansion Into Emerging Markets
Crossfin remains focused on Africa, where it continues to invest in businesses with strong teams, complementary capabilities and potential synergies.
The group has also established a presence in Mauritius, where it has backed three businesses. In 2025, it launched a Singapore investment vehicle focused on Southeast Asia, the Middle East and beyond.
“These markets share many of the structural characteristics that have shaped our approach – and subsequent success – in South Africa: fragmented financial services, large, underserved consumer and merchant segments, rapid digital adoption, and the need for better payments, funding, banking and insurance solutions,”
explains Gaylard.
“An important observation is that companies are often still trying to solve the same problems they were solving 10, 20 or even 30 years ago. What has changed is the technology available to solve those problems, and the scale those solutions now need to reach.”
Over the past decade, Crossfin has focused mainly on financial inclusion. That remains a priority in markets where consumers and businesses still lack meaningful access to formal financial services.
In maturing markets such as South Africa, the company sees a growing need for products that are more relevant to customers at different stages of financial adoption.
“Crossfin’s model is built on partnership, including with banks, which remain critical stakeholders in scaling many fintech solutions responsibly and effectively. It’s also why our investment approach is evolving.
Our track record has been built through a highly successful buy, optimise and exit model. Our next phase places greater emphasis on buy-and-build: taking a longer-term view of quality businesses, supporting founders through growth, and holding assets where the strategic value can compound over time.”
says Gaylard.
Building for the long term
The company said this reflects a move from transactional value creation to platform value creation as it nears its tenth year in business.
“Many founders are looking for investors who understand their market, respect what they have built, and can help them scale without forcing premature outcomes. For investors, it’s vital to note that emerging-market fintech still offers significant growth potential, but the strongest returns are likely to come from platforms that can combine disciplined capital allocation with practical operating experience and deep regional insight. This will form the basis of our investment philosophy as we enter our second decade in business.”
Gaylard added that fintech investors are now looking beyond fast growth alone.
“Today, a better question is: how defensible, scalable, and repeatable is the value being created?”
