This fully integrated financial services group is one of the big four South African retail, commercial and investment banks. The group, through its First National Bank, Rand Merchant Bank, and Wesbank brands, is active across the financial services industry. FirstRand is represented in various African jurisdictions including SADC, Nigeria, the UK, Dubai, Australia, China and India.
MIC transaction overview
Paymenow is a technology business offering software-as-a-service (SaaS) that integrates with a client’s payroll to enable employees to access a percentage of their already earned wages, known as earned wage access (EWA). It offers various educational tools, including credit score information, budgeting guidance, and investment advice, accessible through web and mobile apps, with plans to introduce a USSD solution for users without smartphones. The platform facilitates quick integration for companies and is funded by debt facilities from DNI and Viamedia. With ambitions for international growth, Paymenow aims to expand its services beyond its current market.
MIC transaction overview
Boasting offices in Cape Town, Mossel Bay, Durban and Namibia, African Marine Solutions (AMSOL) is a specialist solutions provider and partner to clients who operate in marine environments. AMSOL is the only marine solutions provider in the region that is employee and management owned, and is a catalyst for economic empowerment and shared value creation.The company’s services offering is vast and covers several industries, including ports, mining, maritime and energy.MIC transaction overview In 2016, MIC Capital Partners (a joint venture between MIC and RMB Ventures) acquired an 18% interest in AMSOL
