Goldman Sachs partners with Investec to expand in South Africa
Goldman Sachs announced that it has partnered with Investec in a bid to expand financial services in one of the world’s fastest growing economies. This will allow both companies to extend trading from Johannesburg to the rest of Africa.
Goldman Sachs has had a presence in South Africa for 20 years. It will offer fixed-income products such as foreign exchange and government securities to its corporate and institutional investors within the country. The firm already provides its wealth and asset management services to government institutions and individuals in South Africa.
This expansion follows on from the South African elections which took place last week. President Cyril Ramaphosa won the election with a promise to improve economic growth, reevaluate his cabinet, and combat corruption. The head of the Goldman Sachs sub-saharan African division for the last twenty years is Colin Coleman. Coleman is an advocate for Ramaphosa, and supports his drive to draw more investors into the country's economy.
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Investec was originally founded in Johannesburg, and today has three principal markets: UK and Europe, Southern Africa, and Asia-Pacific. The financial service is listed on both the London stock exchange and the Johannesburg Stock Exchange.
This partnership seems to have come in good time as Insurtech announced today that they are closing down their automated Click & Invest service, after reporting a loss of US$16.4mn. When this is combined with a decline and halt in financial decisions from major UK clients during Brexit, further expansion in South Africa should hope to ensure stability for the firm.
Origami raises £20mn in Series C round led by Barclays PLC
The investment, which saw Barclays take the lead as part of the bank’s Sustainable Impact Capital initiative, is geared to back companies that specialise in sustainability and working towards zero carbon emissions.
Additional investors in the round were Origami’s existing shareholders, Octopus Ventures, Aggreko, and Cambridge Innovation Capital.
Origami green technology
The Cambridge-based technology company which was founded in 2013, is on a mission to build a green energy world powered by smart technology. It's green energy initiatives focus on transitions to renewables, energy systems, smart and real-time digital solutions.
Origami's trading and automation software currently provides power traders with real-time data and machine-learning decision support tools to reduce risk, improve visibility and capture valuable opportunities within new and rapidly evolving energy markets.
This new investment will enable the startup to improve its products, serve a growing customer base and scale up for international markets. The success of the funding round, said Origami executives, highlights the increasing investor appetite to back leading tech companies pursuing the reduction of global carbon emissions.
Green energy technology
Peter Bance, CEO, Origami, explained, “This investment recognises that with powerful real-time software solutions underpinning our emerging green energy systems, tackling the world's greatest threat of climate change can also become the world's greatest commercial opportunity.
“Barclays shares our vision and has a broad customer base in the UK and internationally, which includes many energy businesses. I am looking forward to working with them to help achieve our ambitious goals.”
As part of its broader commitments, Barclays has pledged to invest £175m of its own capital, led by the Principal Investments team, in fast-growing, environmentally-focused companies whose values are aligned with those of Barclays and which target the goals and timelines of the Paris Agreement.
Speaking about the Origami investment drive, Steven Poulter, Head of Principal Structuring and Investments, Barclays, said, “It is becoming increasingly clear that powerful digital solutions, like Origami’s, are critical enablers for maximising the potential of green energy assets such as renewables, batteries, and EVs.”
He added, “Their technology is essential for a successful and timely transition to a low-carbon economy, and the opportunity for Barclays to partner with such a compelling business in the world-class Cambridge Greentech ecosystem is an exciting prospect.”
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