While the exact amount of the funding has not been revealed, the money will help DigiSquad grow its reach across Africa and improve access to financial services in both the public and private sectors.

DigiSquad was started in 2015 by Bishmen Kumalo and offers services such as financial consulting, product development, and data analysis.

The company operates in several African countries and the United States. Its main mission is to serve people who are often left out by traditional banks and financial systems.

The company recently rolled out its main product, DigiEngine, a platform that took 18 months to build.

It has already made a mark by becoming one of five approved national vending agents for Eskom, South Africa’s state electricity company.

According to Crossfin, DigiSquad’s strong team and deep knowledge of the payments space have helped it hold its own against larger players.

“A lot of digital payment tools don’t take local solutions into account, especially for underserved communities,” said Kumalo. “We are changing that with our digital tools and leading the way as a black woman-owned fintech company.”

Kumalo added that Crossfin’s strong focus on backing impactful fintechs like DigiSquad played a big role in the decision to work together.

Commenting on the deal, Crossfin co-founder and Chief Experience Officer Anton Gaylard said:

“DigiSquad stood out to us with its cloud-based payments system, which fits well with many companies in our portfolio. Their recent success with Eskom also shows their credibility. We’re excited to help them grow and build a strong payments business.”