1K Africa and Ascension Capital have jointly announced a strategic investment in Consumer Profile Bureau (CPB), a prominent South African credit bureau offering innovative solutions. This investment underlines the commitment of both entities to support CPB’s growth and strengthen its market presence in the evolving financial landscape.
Key Points:
1. Investment Focus:
- CPB, established in 1981, specializes in credit bureau services, including tracing, credit verification, and debtor profiling.
- The investment by 1K Africa and Ascension Capital aims to enhance CPB’s capabilities in real-time credit solutions, reporting, analytics, digital identification, paperless FICA, and online data analytics.
2. Unique Offerings:
- CPB goes beyond traditional credit bureau services by providing innovative solutions such as real-time credit solutions and compliance services.
- The company operates as a registered credit bureau under South Africa’s National Credit Act No. 34 of 2005.
3. Market Dynamics:
- The recent grey listing of South Africa has increased the demand for Know Your Customer (KYC) identification validation and innovative client onboarding solutions.
- Ascension Capital’s equity interest aims to strengthen CPB’s competitive position and contribute to a sustainable B-BBEE (Broad-Based Black Economic Empowerment) score.
4. Enthusiasm for the Investment:
- Ascension Capital’s CEO, Kabelo Moja, expresses excitement about the investment, emphasizing CPB’s robust business model and growth potential.
- The investment aligns with Ascension Capital’s focus on innovative businesses addressing fundamental human needs, particularly those with strong technology foundations.
5. Partnership Vision:
- The collaboration between CPB and its new partners, 1K Africa and Ascension, is expected to unlock growth opportunities and deliver substantial value to CPB’s business and long-term market strategy.
- CPB’s CEO, Marina Short, emphasizes the shared vision to become the leading South African credit bureau, incorporating artificial intelligence in the data bureau environment.
6. Commitment to Technological Innovation:
- Hendrik Jordaan, President and CEO of 1K Africa, states that the investment solidifies their commitment to expanding presence in the African technology landscape.
- CPB is recognized for leveraging proprietary technology and data for enhanced customer offerings, aligning with the shared vision for technological innovation and growth.
Conclusion: The strategic investment by 1K Africa and Ascension Capital in Consumer Profile Bureau reflects a commitment to advancing financial inclusion and compliance through innovative solutions. The partnership is poised to drive CPB’s success in the South African credit bureau industry, leveraging technology and artificial intelligence for enhanced offerings and market leadership.