South African fintech company, iKhokha, distributes $105 million to SMEs

South African fintech firm, iKhokha, has provided over $105 million in working capital to its SME clients in partnership with Retail Capital, a division of TymeBank.

iKhokha allows entrepreneurs to accept both in-person and online payments, while offering access to working capital and affordable business management tools such as daily sales analytics and sales performance tracking. Recently, the company underwent significant shareholding changes due to its robust growth over the past five years, including a decision to spin off from the Adumo group.

CEO Matt Putman said the funding provided to the small business sector was a significant achievement in a challenging economic environment. He highlighted the need to support the often-underserved self-employed sector to stimulate economic growth and reduce unemployment.

Miguel Da Silva of Retail Capital said the achievement underscores the importance of robust partnerships in supporting entrepreneurs. Meanwhile, Nic Smalle, MD of Khokha shareholder Apis Partners, voiced his optimism for the company’s future potential as a standalone business.