FNB has agreed to invest R200-million (US$11-million) in the Vumela Enterprise Development Fund. The funds under management will be deployed towards early-stage businesses and keeping the start-ups in the hands of their founders by ensuring that they maintain majority shareholding.
The Vumela Enterprise Development Fund was formed by Edge Growth in collaboration with FNB Business Banking with US$33m (R500-million) in assets under management. Edge Growth has since its inception in 2007, provided small-to-medium-enterprises with on-going business development support they need to unlock value and maximise their growth, profitability and capacity to create jobs since 2007. Each Enterprise and Supplier Development (ESD) fund is governed by an experienced board of trustees, professional investment committee and a specialist fund manager to ensure strategic, legal, financial and operational governance.
FNB is the oldest bank in South Africa (formed in 1838) and trades as a division of the FirstRand Bank Limited which is listed on the Johannesburg Stock Exchange with a market capitalization in the region of R366-billion (US$20-billion) based on November 2022 updates.