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    Home»Startups»South Africa-based UsPlus Raises $2 million Investment To Bolster SME Financing
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    South Africa-based UsPlus Raises $2 million Investment To Bolster SME Financing

    Samuel IgeBy Samuel IgeJanuary 31, 2025No Comments2 Mins Read
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    UsPlus seeks to provide working capital solutions to SMEs

    South African fintech startup, UsPlus, has received $2 million in funding to expand its mission of providing working capital solutions to small and medium-sized enterprises (SMEs). Venture capital firm, Verdant Capital Hybrid Fund, made the investment, structured as junior convertible debentures, to support UsPlus’s operations in the region.

    Founded in 2015 by Leon Kirkinis, UsPlus solves the critical financing issues facing many SMEs in South Africa, especially those operating in important sectors like manufacturing, logistics, agriculture, renewable energy, and services. The company offers an array of financial products designed to unlock capital tied up in businesses’ production cycles, helping them meet procurement demands from larger corporations and improve financial inclusion.

    One of the company’s core services is invoice factoring, which enables businesses to access immediate funds by selling their outstanding invoices at a discount. This provides much-needed capital for SMEs that struggle with delayed payments. The company also sees to the financing of purchase orders and contracts.

    According to a representative from Verdant Capital: “UsPlus has had a significant impact on the financial landscape for SMEs in South Africa. Their focus on essential sectors and commitment to financial inclusion aligns perfectly with the fund’s mission. This investment will not only generate a return for the fund but also contribute to broader economic development.”

    The Verdant Capital Hybrid Fund, with a target size of $100 million, invests in inclusive financial institutions across Africa. It focuses on digitally enabled businesses that serve micro, small, and medium-sized enterprises (MSMEs) and utilizes hybrid capital instruments such as subordinated debt, mezzanine finance, preference shares, and stapled investment structures. This investment marks the fund’s fifth deployment, bringing its current size to $38 million.

    UsPlus aims to use the new capital to strengthen its balance sheet and attract further senior debt funding. The company’s developmental agenda prioritizes supporting local manufacturers, logistics providers, farmers, renewable energy companies, and service providers, ultimately boosting their competitiveness. By providing access to flexible working capital solutions, UsPlus enables SMEs to participate more effectively in the broader economy. The company also offers strategic support to its clients at no additional cost.

    African Startups FinTech Funding Venture Capital
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    Samuel Ige

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