“Can Ukheshe become the go-to embedded finance infrastructure layer for banks, telcos, and fintechs across Africa and emerging markets via its Eclipse API?”
Founded in 2018 in South Africa as a payment-platform specialist, Ukheshe pivoted quickly from point-solution payments processing to a full Banking-as-a-Service enablement layer anchored by its Eclipse API. The company positioned itself as the embedded finance infrastructure partner for banks, telcos, and fintechs across Africa and emerging markets — white-labelling digital wallets, card issuing, KYC, and cross-border remittance capabilities. In 2022 it established a UK-headquartered international division and raised institutional capital from DPI to accelerate expansion beyond South Africa into 40+ markets.
Ukheshe discloses Nedbank (sponsor bank / settlement partner) as its banking provider, with Nedbank as its sponsor bank, according to the Embedded Finance Index 2026.
Ukheshe does not disclose a bank charter of its own; its banking services are provided through Nedbank.
Ukheshe's cards run on Mastercard.
The Embedded Finance Index 2026 maps 3 layers in Ukheshe's stack: Banking / BaaS (Nedbank (sponsor bank / settlement partner)); Card network (Mastercard); Sponsor bank (Nedbank).
Ukheshe is founded in 2018 and headquartered in London, United Kingdom (with offices in UAE, India, Mauritius, South Africa, Kenya).
Ukheshe has raised $42M in total (latest round: Series A).
Get a read on where your own stack stands against Ukheshe and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.