Crossfin plots global fintech push with UAE deal and Singapore launch

23 May 2025

South African fintech investor Crossfin is expanding its investment beyond African borders, starting with the Middle East’s Unitey and a new Singapore base.

With the launch of a Singapore-based investment arm and a stake in United Arab Emirates-based (UAE) Unity Digital Holdings, fintech investor Crossfin has signalled its intent to plant flags across the Middle East and South East Asia.

“Our goal since the founding of Crossfin is to put money behind strategic payment rails in Africa and beyond,” said Anton Gaylard, co-founder and CXO at Crossfin. “We hope our investment in Unitey is the first in a growing portfolio of likeminded assets in the Middle East, Africa and into South East Asia.”

Read more: Fintech start-ups rack up venture capital cash

Their move is backed by heavyweight investors, including Standard Bank and Turing Capital Fund, a sub-fund of Chronos Capital Fund VCC.

Michael Jordaan of Chronos Capital Advisors SA noted the significance of this investment: “Unitey’s role in enabling central banks with vital solutions that drive payments innovation and sovereignty has exciting applications for Crossfin and the broader fintech ecosystem.”

Crossfin goes global

Founded in 2021 by Muzaffar Khokhar, Unitey Digital Holdings is an emerging markets technology holding company. Its portfolio includes Mercury, a payments service provider, and Shukria, a licensed payment service brand in the UAE.

“We are very happy for Crossfin to invest in Unitey to accelerate the immensely successful journey that I started along with my co-founders in 2021,” Khokhar said.

Gaylard added that Khokhar has assembled a world-class team of payments domain experts in his company, and that this Crossfin investment is complementary to other businesses across their portfolio.

The fintech frenzy is on

In 2024, fintech start-ups in the Middle East and north Africa region raised $700-million (R12.6-billion), accounting for 30% of total start-up funding in the area, according to a report by Dubai venture capital firm Wamda.

Payment solutions and buy now, pay later services are particularly popular, with companies like Saudi-based Tabby reaching a valuation of $3.3-billion (R59-billion), Reuters reported, and snagging the top spot in Forbes’ Fintech 50 list.

Read more: Standard Chartered, Old Mutual fintech arms to launch UAE wealth management platform

The UAE, in particular, is emerging as a global fintech hub. The country’s fintech market is projected to reach $3.56-billion (R64-billion) in 2025, driven by supportive government policies, low business start-up costs and the availability of free zones like the Dubai International Finance Centre.

QR codes and super-apps

Across South East Asia the fintech race is no less intense.

Digital payment transaction value in the region is projected to show a compound annual growth rate of 6.29% between 2025 and 2029.

Along with mobile wallets, QR code payments are leading the charge. According to a report by forecast intelligence agency, Juniper Research, the volume of QR payments in the South East Asian market will increase from 13 billion in 2023 to 90 billion in 2028.

The region’s fintech engine is fuelled by “super-apps” – digital platforms that bundle several offerings like shopping, banking and ride-hailing into one ecosystem. These platforms have become central to everyday life, and are expected to reach $23-billion (R414-billion) in revenue in 2025 by the Singapore Economic Development Board.

Home turf

Back home, Africa’s fintech sector is starting to flex its muscles. A McKinsey report projects that fintech revenues in Africa could surge to $47-billion (R845-billion) by 2028, an almost fivefold increase from $10-billion (R180-billion) in 2023.

Read more: Africa’s first fintech licence passporting system sets tone for future cross-border expansion

However, achieving this milestone depends on the continent reaching 15% fintech penetration, up from the current 5% to 6%.

While Crossfin’s Singapore move marks a geographical pivot, the company isn’t abandoning its roots. Gaylard describes the Unitey deal as “an exciting addition” that builds on years of shared history between Khokhar and the Crossfin team.

“I have worked closely with Dean and Anton at Crossfin and with the South African payments ecosystem in general over the last decade and have always considered it world class in all aspects,” Khokhar said. DM

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Business Maverick

Crossfin goes global

The fintech frenzy is on

QR codes and super-apps

Home turf