Bristol-based tech-focused investment bank ICON Corporate Finance has advised on a landmark fintech deal with the potential to accelerate the development of Africa’s pioneering ‘mobile money’ economy.
ICON, which works with tech firms across the world, acted as lead advisor on the sale of Ugandan-based digital payments provider Beyonic to payments platform MSF Africa. 
Mobile money accounts for up to 54% of African economic activity, enabling individuals and enterprises across the continent to transact financially outside of traditional banking infrastructure.
Beyonic was launched in 2006 as mobile payments started to mushroom through systems such as Kenya’s MPESA, which uses the country’s Safaricom mobile phone network to bring banking to those with no access to physical banks.
The firm, which now also has bases in Kenya and Tanzania, focuses on merchant services for small and medium-sized enterprises (SMEs) and NGOs clients.
In 2018 it processed close to 10m mobile money transactions across its system. 
MSF Africa, which has offices in West and South Africa as well as Mauritius and London, believes combining Beyonic with its broad digital payments network across the region will connect Africa to partners around the world and enable global partners to access African payments.
ICON played a key role in putting the flagship deal together, sourcing potential investors and acquirers, advising on the deal terms and co-ordinating due diligence related to the sale.
ICON CEO and founder Alan Bristow, pictured, said: “We are delighted to have been at the forefront of this cutting-edge transaction that brings financial inclusion and greater access to digital transactions to countries in Africa.
“The deal shines a spotlight on Africa’s vibrant fintech industry. With 66% of its population unbanked, and with the world’s youngest workforce, mobile money transactions in Africa are the highest in the world.
“Sub-Saharan Africa now leads the world in mobile money, leapfrogging the legacy systems used for payments in the West to account for almost 10% of GDP.
“As a sector, fintech is expected to contribute $150bn (£115bn) to Africa’s GDP by 2022. It’s an area that we fully expect to grow, and as a result, we anticipate working on many similar deals in the near future.”
ICON Tech Investment Bank director and Africa expert Monica Shupkai-Simmons, pictured, who handled the Beyonics deal, added: “Global financial connectivity to Africa’s micro and SME sector has never been more important.
“This merger accelerates and broadens the digital payments space in Africa, facilitating transactions with Africa and within.”
ICON works with global tech companies and as a fundraising partner with top private equity, venture capital and CVC from its head office in Bristol and bases in London and San Francisco.
