South Africa’s mobile software firm wiGroup has secured investment from Virgin Group and retail solutions leader Smollan.
This follows similar investment from Investment manager Investec Asset Management in 2015.
The investment from the Virgin Group follows a successful partnership with wiGroup on the creation of Virgin Money South Africa’s new peer-to-peer payment app, Virgin Money Spot, which launched in January 2018 and allows customers to send money to friends in a simple, safe and social way.
According to Josh Bayliss, Virgin Group CEO: “More and more people are using their phones to pay each other, pay for products or take advantage of loyalty offerings. wiGroup is an established player in this sector and has innovative solutions in place which will simplify and improve mobile transactions globally.”
wiGroup growth has been rapid since it was founded in 2007, with year-on-year growth over the last number of years consistently being over 45%, and a growing African market presence in countries including Namibia, Nigeria, Mauritius, and Ghana.
In less than a decade, wiGroup has established itself as the largest mobile transactional platform in Africa with over 75 000 integrated till points accepting mobile payments, loyalty and rewards transactions. Through its software as a service, wiGroup has delivered mobile transacting solutions to leading international hospitality and retail brands who are looking to enable their customers to engage and transact via their mobile phones in a simpler and more rewarding way.
wiGroup CEO Bevan Ducasse says the investment comes as the company is looking to accelerate its global expansion program.
“Our presence in Europe and expansion into Australasia and emerging markets will be fast-tracked by leveraging both Virgin Group and Smollan’s extensive global networks. As a business this brings us one step closer to realising our vision of simplifying and improving the way the world transacts.”
wiGroup’s key clients include leading retail, banking, quick service chains, insurance, and telecoms companies. The company emerged the winner of the 2016 FNB Business Innovation Awards, and the 2015 PwC Vision to Reality Award. CEO Bevan Ducasse is also an Endeavor member.