Inoxico Secures Equity Investment From the Vumela Fund

South African data analytics startup Inoxico a provider of business-to-business credit risk solutions which combine quality data and cutting-edge technology to deliver predictive analytics has secured R10-million in equity investment from the Vumela Fund managed by FNB South Africa and Edge Growth.

Inoxico has a proven business model with established customer demand and has been providing commercial credit solutions for corporates both locally and internationally. Therefore, the investment will enable the company to continue establishing itself as a recognised commercial credit risk technology provider.

Dominique Pitot, CEO of Inoxico comments on the investment achieved and the impact it will have on the fintech company. 

“The investment by Vumela is a key milestone in our growth path. This investment and the additional benefits of partnering with Vumela gives us the best possible start to 2021 as we focus all of our efforts on the next phase of our strategy implementation. We are very grateful to the team at Edge Growth, Vumela’s Fund Manager, and look forward to the promising years ahead.”

“Supporting Inoxico in establishing itself as a recognised credit analytics provider in Africa and beyond is likely to improve financial inclusion and access to credit for these underlying African businesses. That’s the heartbeat of Vumela – to alleviate poverty by the creation of jobs through supporting the growth of SMEs,” said Heather Lowe, SME Development Head for FNB Business.

Inoxico

Established in 2009, Inoxico is a tech-based company that utilises credit analytics and data to provide commercial credit solutions for corporates both locally and internationally. Its offering helps companies grow their existing customer base through its application of tech and analytics by souring data and developing predictive models that facilitate enhanced trade credit decisions that support growth.

Trade credit (offering products on credit terms to business customers) is the most important and prevalent form of growth capital in developing economies and yet there is a severe lack of information to so companies often struggle to collect from their customers and find their cashflow negatively impacted.