Investec Asset Management has acquired a significant shareholding in wiGroup, South Africa’s platform provider specializing in point-of-sale integrated mobile transacting, for an undisclosed sum.

Investec said it will partner with wiGroup’s founder management and existing shareholder Capital Eye Investments (CEI) to support the company’s growth and development both domestically and in new markets outside South Africa.

Founded in 2007, wiGroup has integrated more than 50 mobile transacting issuers, and in excess of 55,000 point-of-sale lanes to its network.

The network enables widespread mobile transacting acceptance to wiGroup’s corporate client base and their customers.

Headquartered in Cape Town, wiGroup also offers technology solutions that enable its clients to run integrated mobile-based payment, loyalty, coupon, voucher, reward and gift programs.

Five large retail chains, over 10 restaurant/hospitality chains, over 50 FMCG brands, and 8 mobile payment / mobile money issuers utilize the wiGroup platform in South Africa.

Outside South Africa, the company has established a joint venture with Nigeria’s leading switch and payment processor, in order to expand the wiGroup technology platform into West Africa.

“wiGroup’s proprietary mobile transacting technology is well-suited to emerging markets in Africa and beyond where mobile-based transacting is poised to leapfrog traditional, card-based payment, reward and loyalty solutions,” Investec said.

Investec’s private equity strategy looks to establish influential minority or controlling shareholdings in existing businesses offering goods and services that meet the needs of African consumers.

It aims to capture the inherent upside of the expected doubling of consumer spending by Sub-Saharan Africa’s rapidly expanding middle class.

“We look to partner with entrepreneurs who share our goal of transforming businesses into local and or regional champions in their respective industries. Our core focus is on businesses that typically require initial growth or buyout equity of $15-80m,” said Investec.

Investec Africa Frontier Private Equity Fund is a 2008 vintage fund with total commitments of $155m that is largely committed.

The Fund owns eight portfolio companies and has recently announced investments in Intelligent Debt Management and a follow-on investment in IHS Towers, a multi-country telecom infrastructure business.

The Fund’s portfolio companies also include: OK Zimbabwe, a food retailer in Zimbabwe; Big Media, an outdoor advertising company in Angola; Daraju Industries, a Nigerian home and personal care business; J&J Africa, a pan-African logistics company; SA Taxi Finance, a focused finance partner to the South African minibus taxi industry; and Seven Energy, a Nigerian independent gas producer.