Xago, an innovative South African Fintech that focuses on an all-inclusive approach to moving money rapidly, has confirmed receipt of a substantial investment from Imvelo Ventures, a venture capital investment company founded by Capitec Bank and Empowerment Capital Investment Partners, and will continue to expand its cryptocurrency services and products into African markets for both businesses and individual clients.
Co-founded in 2016 by Jurgen Kuhnel, Sonya Kuhnel and Mark Chirnside, Xago moves money into or out of crypto in just a few innovative steps and delivers a bespoke payment gateway built on the XRP Ledger and custom-built exchange to trade, send and receive XRP/Xago Digital ZAR. Chirnside, Xago’s CEO, Co-Founder and Chairman, says “Xago changes the way money flows, what it costs and how long it takes to reach a destination while providing a secure, traceable and effective solution to all elements of the financial ecosystem.”
“At Empowerment Capital we look for investees with strong leadership teams whom are able to drive inclusive transformation in the South African economy through solutions that address current challenges faced by consumers and society”, says Anton Baumann Executive Director at Empowerment Capital and Imvelo Ventures. “Xago’s offering is unique, bypasses traditional payment rails, while remaining fully compliant and highly secure. Investing in this dynamic Fintech to provide alternative opportunities for individuals, SMEs and Corporates to build alternative wealth in South Africa and into Africa, is a perfect step into the crypto space for Empowerment Capital and Imvelo Ventures.”
“Capitec is excited to become involved with such a strong team, whom are true experts in the blockchain domain. Xago offers an innovative, low-cost and secure settlement platform to enable us to push the boundaries of traditional payment infrastructure,” confirms Stefan de Klerk, Innovation & Digital Solutions, Capitec Bank Limited.
As Xago is the leading fiat (cash) on- and off-ramp of XRP/Xago Digital ZAR for crypto exchanges, and continues to work with regulators and strategic partners across the globe, this investment is perfectly timed to drive substantial growth for the company.
About Xago Technologies (Pty) Ltd.
Xago harnesses the power of mobile, retail networks and blockchain technology in playing a crucial role to transform the payment industry, particularly in Africa. We provide innovative money movement that changes the way money flows, what it costs and how long it takes to reach a destination by bypassing traditional payment rails, while remaining fully compliant and highly secure. www.xago.io
About Empowerment Capital Investment Partners (Pty) Ltd.
Empowerment Capital has pioneered the idea of mutually beneficial long-term equity investments into the SME sector as a form of sustainable and impactful Enterprise and Supplier Development (ESD). The investment solution offered by Empowerment Capital achieves maximum flexibility through a bespoke investment approach to high impact and sustainable development of the SME sector with a strong mandate for social transformation. Empowerment Capital has established and executes corporate venture capital investment funds in partnership with leading South African corporates and strives to “transform lives though investment”. www.empowerment.capital
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