Mauritius-based Inter Africa Transport Forex (IATF), a fintech platform that enables transport companies, especially cross-border ones – to better procure, manage and track their costs has raised undisclosed funding Emerging Capital Partners (ECP).
Founded in 2007, IATF is a Mauritian fintech provides a one stop shop of online payment solutions for diesel, cash pay-outs, road tolls, border payments, parking, insurance, mechanical payments and other electronic payments such as wages through one simple technology platform covering 11 countries. The firm serves more than 145 service points in Zambia, DRC, Zimbabwe, Botswana, Mozambique, South Africa, Namibia, Tanzania, Malawi and expanding.
Transport Forex allows over 650 transportation company customers to order and pay online for all products, services and other expenses for more than 6000 active drivers on its platform. The firm combines online and call-centre channels together with on the ground solutions to meet the practical realities of cross-border transport in Africa.
In November last year, ECP announced the final close of its fourth Pan-African fund, ECP Africa Fund IV (AFIV), a $640 million fund backed by investors from Africa, Europe, and North America to acquire control and significant minority stakes in financial services, consumer goods, telecommunications & ICT, and infrastructure & logistics. IATF is one of the first beneficiaries of the $640 ECP Africa Fund IV fund.
According to Paul Maasdorp, Managing Director of ECP: “We are excited to partner with the IATF team and founders to support their next phase of growth. IATF has built an innovative financial technology platform custom made for the logistics industry providing substantial value to their transport customers.”
The platform allows CEOs, CFOs and COOs of cross-border transport companies the simplicity, cost benefits and time savings of managing their fleet costs through a central platform from the comfort of their own office or home.
Carel van der Wath, Head of Technology and a founder at IATF said: “We have partnered with ECP on another investment and know the deep value they bring in terms of strategic insights, organization development and geographic expansion. We are excited to have them on board once again as a value-added partner to help drive our growth.”
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The firm says it has more than doubled sales over the last 24 months as business owners increasingly appreciate the value it brings to fleet management.
“We are excited to have ECP as a partner to assist us to deepen our presence in our existing markets and to expand our network across Burundi, Uganda, Kenya, Angola and other African countries. We are also expanding the rich range of capabilities and products that our technology platform provides,” said Johan Steyn, CEO at IATF.
