Aruwa Capital Management has led a $2 million investment in Sika Financial Group, a financial market infrastructure company building clearing, settlement, liquidity, and market data solutions for Africa and the Global South. The investment was made through Aruwa Capital Fund II.
Aruwa Capital Fund II is the second growth equity and gender lens fund from the Lagos-based, female-founded and led firm. It targets early-stage growth investments in high-potential SMEs in Nigeria and Ghana, with a focus on fintech, climate solutions, healthcare, consumer goods, and other high-impact sectors. The fund had an initial target of $40 million and was later upsized toward $50 million (hard cap $60 million).
Backers of Aruwa Capital Fund II include returning investors such as the Mastercard Foundation Africa Growth Fund (MFAGF) and Visa Foundation, as well as new institutional investors including Bank of Industry (BOI), British International Investment (BII), EDFI Management Company (through its ElectriFI initiative), the International Finance Corporation (IFC), along with global family offices and high-net-worth individuals.
Founded in 2023 by Emmanuel Ashirifi, Sika operates the ClearNet platform, which enables banks, corporates, brokers, fintechs, and other market participants to settle cross-border transactions more efficiently across emerging market currencies. Key features include foreign exchange settlement, liquidity aggregation, multilateral netting, Payment-versus-Payment (PvP) settlement, and market data services.
The investment is geared toward supporting the growing need for robust financial infrastructure amid rising intra-African trade under the African Continental Free Trade Area (AfCFTA). Sika helps reduce reliance on expensive correspondent banking by enabling direct multi-currency settlements, improving liquidity, and lowering settlement risks. The company supports more than 15 currencies and serves clients across Africa, Latin America, Asia, and the Middle East.
Proceeds will be used to expand Sika’s regulatory footprint, enhance its technology, add new currency corridors, and grow institutional partnerships.
Aruwa Capital, a Lagos-based women-founded and managed growth equity fund, focuses on companies with strong commercial potential and positive economic impact. The firm also applies a gender lens in its investing; Sika’s senior management is currently 50% women.
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