Why we invested: How littlefish is empowering banks & transforming merchant services in Africa

1. How did TLcom first meet the founders? 

We met Brandon through the Aspen Global Leadership Network, where our senior partner Omobola and Brandon’s partner at his previous company were fellows of the African chapter of the network. From the earliest conversations, what stood out was the team’s deep technical understanding of the acquiring space and their conviction that the next wave of innovation in merchant services would come not from displacing banks, but from enabling them. 

That perspective resonated strongly with us. In many emerging markets, banks remain the primary financial partners for small and mid-sized businesses; however, the software tools they offer merchants have historically lagged those provided by fintech companies. littlefish saw this gap early and set out to build the infrastructure layer that allows financial institutions to deliver modern merchant services at scale. 

We were particularly impressed by the team’s ability to win the trust of large Tier-1 banks in South Africa and embed their platform into the heart of those institutions’ merchant ecosystems. That combination of technical depth, institutional partnerships, and long-term vision made the company a natural fit for our portfolio. 

2. What motivated the follow-on investment?  

The strong execution drove our decision to participate in the Series A; the team has demonstrated this since the seed round. In a relatively short period, littlefish has scaled its platform across leading financial institutions, deepened its integrations into the acquiring space, and significantly expanded merchant adoption. 

Importantly, the company has proven that its bank-first model works. By partnering with institutions such as Standard Bank, FNB, and ABSA, littlefish has gained access to a vast distribution network of merchants while allowing banks to retain ownership of the customer relationship. This approach creates powerful alignment between banks, merchants, and the littlefish platform. 

We believe the company is still at the early stages of what could become a foundational solution in the merchant ecosystem across Africa. With strong customer traction and a clear roadmap for product expansion and geographic growth, we were excited to continue supporting the team in this next phase. 

3. What problem is the company solving? 

Across Africa and other emerging markets, millions of small and mid-sized businesses depend on banks for payment acceptance and financial services. Yet the tools available to them have historically been fragmented and limited, often forcing merchants to rely on multiple disconnected systems to manage their operations. 

At the same time, banks face growing pressure on payments and lending margins while competing with fintech companies that offer faster, more integrated merchant solutions. 

littlefish addresses this gap by providing a unified merchant operating system that allows financial institutions to deliver modern, software-driven services to their merchant customers. By integrating directly into POS devices and banking infrastructure, the platform enables banks to offer merchants a seamless suite of tools for payments, commerce management, and financial services. 

The result is a better experience for both sides: banks can strengthen their merchant relationships and unlock new revenue streams, while small businesses gain access to the digital infrastructure they need to grow. 

4. What differentiates this company from others?

What makes littlefish particularly compelling is its bank-embedded approach. While many fintech companies attempt to compete directly with financial institutions for merchant relationships, littlefish takes the opposite path by empowering banks to become fintech-grade service providers themselves. 

5. Why is TLCOM excited about the investment in South Africa? 

South Africa remains one of the most sophisticated financial ecosystems on the continent, with strong banking institutions, advanced payment infrastructure, and a large base of formal and semi-formal small businesses. These characteristics make it an ideal environment for building and scaling financial infrastructure companies. 

Beyond South Africa, the broader opportunity across Africa is significant. As the continent’s small business economy continues to formalize and adopt digital payments, there is a growing need for infrastructure that connects financial institutions and merchants more effectively. 

littlefish is well-positioned to play a central role in that transformation. We’re excited to support Brandon, Neha, and the entire team as they build the merchant infrastructure layer that helps financial institutions serve millions of businesses across Africa.  

Neha Kumar and Brandon Roberts