Infinite Partners raises $169.3m to back growth businesses

Infinite Partners, a South African mid-market private equity investment firm, has raised R2.8 billion ($169.3 million) to back established businesses, including those using technology to expand markets and scale.

The firm closed its Core Equity Fund II above its R2.5 billion ($151.1 million) target, backed entirely by South African institutional investors, including pension funds, insurers, asset managers and banks. The fund targets established mid-market businesses, with individual investments ranging from R100 million ($6 million) to R500 million ($30.2 million).

The raise comes as private equity looks beyond traditional technology companies to businesses where technology can unlock growth, improve efficiency and expand access to essential services. Infinite Partners is taking a generalist approach, backing established companies with strong growth potential, including those using technology to solve practical problems in sectors such as financial services and digital infrastructure.

“Our Infinite Deal investment philosophy has remained the same from day one. We focus on backing quality businesses with identifiable tailwinds, and potential to create sustainable value over time,” Edward Pitsi, co-founder and CEO of Infinite Partners, told TechCabal in an interview on Friday.

Infinite Partners is a generalist private equity investor, not a dedicated technology fund. Its strategy centres on established businesses with strong fundamentals and clear growth opportunities.

“We are a generalist South African mid-market investor, and we have certain restrictions on committing too much capital to any particular sector,” Pitsi said.

He stated that the firm looks for businesses with significant structural growth drivers, strong management, healthy margins and cash conversion, high barriers to entry, and a credible exit strategy.

The firm’s first two investments are in enterprise software company e4 and digital infrastructure business CYNK. e4, an enterprise software business, serves the banking and property sectors, digitising workflows involved in mortgage origination and property transactions.

According to Pitsi, e4’s technology has reduced the home-buying process from 96 days to around 40 days. Since inception, its platform has processed R2.8 trillion ($169.3 billion) in mortgages.

“Leveraged correctly, technology can have a multiplier effect,” he said. “We have seen this firsthand through our investments in e4, where technology has vastly improved and quickened the home buying process by a factor of more than 50%. This has also underpinned economic activity by providing the technology rails required to facilitate these transactions.”

Pitsi also disclosed that the business is also pursuing international expansion through a nascent United Kingdom (UK) operation, extending the potential market for its South African-developed technology.

CYNK addresses a different challenge: access to digital infrastructure. The company develops and owns fibre assets, with a network reaching more than 667,000 South African households, particularly in underserved communities and townships.

“From a CYNK perspective, we are seeing technology bridge the digital divide and provide much-needed access to connectivity for the lower LSM,” Pitsi said. He added that the infrastructure has created opportunities for small businesses in underserved areas and helped improve the affordability of internet access.

Infinite Partners says it assesses whether a business can turn its market opportunity into sustainable growth, generate cash and deliver a credible return for investors.

The fund provides both growth and replacement capital to established mid-market companies. Beyond its existing investments, Infinite Partners is exploring opportunities in business services, education, alternative lending and software-as-a-service (SaaS), Pitsi said.

“We are generalist investors,” he stated, adding that international expansion would form part of the firm’s strategy for portfolio companies where appropriate.

Investor confidence was also critical to the fund’s close. Pitsi said some of the firm’s earliest backers increased their commitments after seeing its investment strategy take shape.

“As we invested in our first two deals, they saw our investment strategy being borne out, and this gave them sufficient confidence in us to increase their commitments in subsequent closings,” he said.

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CrissCross, the South Africa-headquartered cross-border payments infrastructure company, has secured an undisclosed investment from Circle Ventures, the corporate venture arm of Circle Internet Group, the company that issues USD Coin (USDC), a digital stablecoin.

The investment, made through Stitch Group, CrissCross’s parent company, will help the company expand its local payment connections and liquidity, build more stablecoin settlement capabilities for enterprise customers, and grow the team supporting clients across the continent.

Stablecoins are increasingly being used to move money across borders, making them a growing part of Africa’s payments infrastructure. Circle’s investment marks its second notable bet on the sector in 2026. In July, it invested in Nigerian fintech Flutterwave as the company expanded USDC settlement across its payments platform, allowing businesses to collect payments locally and settle in USDC. s.

“Africa’s cross-border payments market is massive, complex, and underserved,” James Cope, general manager at CrissCross, said in a statement. “Circle Ventures’ investment validates what we’ve been building: infrastructure that can handle that complexity at scale.”

Lex Campbell and Byron Coetsee founded CrissCross to make cross-border payments more efficient for enterprise businesses operating in African markets. The company was acquired early by Stitch and now sits within Stitch Group, the South Africa-based payments group. CrissCross provides businesses with a single application programming interface (API) to collect money, make payouts, manage funds and exchange currencies across African markets.

For collections, CrissCross lets customers pay merchants using familiar local methods such as bank transfers, mobile money and cards. For payouts, businesses can send individual or bulk payments directly to local bank accounts and mobile wallets. Its treasury tools let companies manage funds across multiple currencies, while its foreign exchange infrastructure lets them convert between local currencies, US dollars, and euros.

CrissCross connects blockchain-based settlement to local fiat payment networks. A business can move value between markets using stablecoins, while the recipient can receive local currency in a bank account. The company says it chooses between stablecoin and fiat rails based on a client’s requirements. It makes money from the payments and currency conversions it processes for clients, and says its pricing varies depending on the markets, payment methods, and services each customer uses.

“Stablecoins help funds move between markets quickly and transparently, and the money is delivered in local currency to the recipient’s bank account or mobile wallet,” the company said in a statement shared with TechCabal. “We use stablecoin or fiat rails depending on what each client needs for speed, cost and compliance.”

CrissCross is trying to close the gap between global stablecoin liquidity and local payment infrastructure. In October, CrissCross partnered with Velocity, a stablecoin payments and treasury platform, to connect institutional on-chain liquidity with local collections, payouts and FX. The partnership aimed to connect global stablecoin liquidity to local bank accounts and payment rails.

Sub-Saharan Africa received more than $205 billion in on-chain crypto value between July 2024 and June 2025, up 52% from the previous year. As crypto activity grows, so does demand for infrastructure that connects digital assets to local payment systems and enables cross-border payments.

“We’re excited to support CrissCross as they bring stablecoin-powered payments infrastructure to scale across African markets — some of the most complex and underserved corridors in the world,” said Brian Schultz, vice president of corporate development and ventures at Circle.

CrissCross says it currently operates across more than 30 markets spanning West, Central, East, Southern and North Africa, including both CFA franc zones, and supports more than 20 currencies. Its customers include multinational enterprises, financial institutions and platforms that need to move money across complex African payment corridors. The company wants to become the infrastructure that lets global businesses treat Africa as one connected market rather than a collection of separate payment systems.

“We want global businesses to find it as easy to collect and pay out across African markets as anywhere else they operate,” it said. “A company operating in Nigeria, Senegal or Kenya should be able to do it through the same infrastructure, with predictable settlement and full visibility over its funds. More enterprises are building their growth plans around African markets, and we want CrissCross to be the payments infrastructure they use to do it.”

Stablecoins are becoming the layer underneath payments for African payments companies. In June, Flutterwave announced an investment from Ripple as part of its Series E and said it would integrate RLUSD, Ripple Payments, and the XRP Ledger into its payment infrastructure. It has also partnered with Polygon and Tempo to build out stablecoin settlement infrastructure.

Onafriq, which operates across more than 40 African countries, has taken a similar route. In February, it partnered with Conduit to use stablecoins such as USDC to fund accounts and rebalance treasury holdings, and announced another partnership in July with digital-asset infrastructure provider Privy to develop regulated stablecoin-powered payment services for financial institutions.

Yellow Card has shifted its focus towards businesses, providing stablecoin payment infrastructure, fiat settlement rails, custody, and local stablecoin issuance. Once associated with crypto trading, dollar-backed stablecoins are now being positioned as a way for businesses to settle transactions and move money across borders.

In the first nine months of 2026, African startups raised $2.49 billion across 315 disclosed deals, representing 7.8% year-on-year growth from the $2.30 billion raised across 403 disclosed deals in the same period in 2025.

While overall transaction volume dropped in the first half of the year, funding activity rebounded sharply in Q3 2026. Q3 alone brought in $1.025 billion across 167 deals, up from $785 million across 149 deals in Q3 2025, driven by stronger deal flow and larger growth rounds.

Energy, fintech, and clean tech lead big deals

September kept up the Q3 momentum, with investors directing relatively large capital checks into energy infrastructure, mobility, and digital payments platforms.

Bluecore Energy (Ghana) raised a $50 million seed round, backed by Slauson & Co., Harlem Capital, Chris Larsen, Collab Capital, HartBeat Ventures, Tesla, Uber, and Amazon, to develop maritime nuclear technology.

Odyssey Energy Solutions (Nigeria) secured $74 million in combined capital, including a $47 million debt facility from BII, BIO, Cygnum Capital, and TripleJump, alongside $27 million in equity from Broadscale Group, FMO, and Al Mada Ventures.

Paymob (Egypt) raised $35 million in Pre-Series C funding led by Mubadala and EBRD.

Mission Mobile (South Africa) pulled in $30.7 million from DN Invest for device-financing infrastructure.

ARC Ride (Kenya) completed a $33.3 million round ($23.3M equity led by Novastar Ventures, Norrsken22, and IFC, plus $10M debt) for its e-mobility battery-swapping network.

Spiro added $18 million in debt from the Africa Go Green Fund, matching an $18 million debt round raised by Cold Solutions (Kenya) from Cygnum Capital.

Synapse Analytics (Egypt) raised $13 million in Series A funding led by Partech, while Nawy Now (Egypt) secured a $12.3 million debt facility.

Zeal (Egypt) and SunCulture (Kenya) each pulled in $10 million.

Top funding destinations: Nigeria and Egypt lead

Nigeria remains Africa’s top funding destination so far in 2026, pulling in $624 million across the first nine months. Egypt ranks second with $396 million, followed by Benin ($345 million), Kenya ($297 million), and South Africa ($279 million).

LPs inject $3.08B into African fund managers

Capital is also flowing steadily into fund managers (GPs) deploying capital on the ground.

According to our State of Tech in Africa H1 2026 Report, LPs committed over $1.7 billion to fund managers in the first half of the year. Q3 2026 added another $1.23 billion in new commitments, bringing total capital raised by African fund managers to $3.08 billion between Q1 and Q3 2026.

Major Q3 2026 fund closes

Ninety One closed its Africa Credit Opportunities Fund 3 at $404 million to scale private debt financing.

Airnergize Capital (South Africa) reached a $239 million final close for its Clean Energy Fund, backed by DBSA, Standard Bank, and Nedbank.

Acumen Capital Partners reached a $90 million second close for its Resilient Agriculture Fund (ARAF) and secured $12 million for ARAF II.

Ventures Platform completed an $84 million second close for its Pan-African Fund II, backed by Norfund and the European Bank.

CardinalStone Capital Advisers hit a $76 million first close for its West Africa SME growth fund.

AgDevCo achieved a $49 million first close targeting early-stage East African agritech.

Fund managers have secured over $3.08 billion in new LP commitments between Q1 and Q3 2026 across climate tech, private credit, and early-stage equity. While this fresh dry powder sets the stage for a strong finish to the year, founders must adapt their fundraising strategies to access it. Securing these new funds requires startups to look beyond traditional equity, build capacity for venture debt, and demonstrate the robust unit economics that today’s capital allocators demand.