Banking group Absa has acquired a minority stake in local agri-tech startup Khula! – a platform that connects farmers to the retail, wholesale and export buyers’ markets.
The long-term E Squared investee, Khula! adds another investee to their capitalisation table and through the partnership, Khula! introduced a standardised payment gateway facilitating transactions on their app.
Founded by Allan Gray Fellow Matthew Piper, Karidas Tshintsholo, and Jackson Dyora in 2016, the app has over time managed to create an ecosystem of three platforms addressing challenges across the agricultural value chain.
The transaction is the latest in Absa’s strategic ambition to be a digitally powered business, that also aims to strengthen its commitment to transformation, the bank said.
Abrie Rautenbach, who heads up Absa’s AgriBusiness, said the acquisition will enhance the bank’s agriculture proposition for Small and Medium Enterprises (SMEs).
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