UsPlus issues R50 million social bond backed by the ALCB Fund

UsPlus has issued a R50 million (about $3 million) social bond, with the African Local Currency Bond (ALCB) Fund as investor, Africa Private Equity News reported on 18 September. The ALCB Fund is managed by Cygnum Capital.

The four-year senior unsecured bond was issued under UsPlus's R1 billion (about $61 million) note programme and is listed on the Sustainability segment of the JSE's Interest Rate Market.

Working capital for small businesses

UsPlus is a fintech-enabled provider of working capital for small and medium-sized businesses in South Africa. Its products include invoice discounting, factoring and purchase order financing. The company is led by founder and chief executive Leonidas Kirkinis.

The proceeds will extend working-capital support to more South African businesses, helping them close cash-flow gaps, fulfil contracts and keep or grow jobs.

A repeat backer

This is not the fund's first bond with UsPlus. In 2024, the ALCB Fund's R40 million (about $2.2 million) commitment helped UsPlus debut as a thematic bond issuer.

Brock Hoback, who leads the fund, said an anchor investment "can help build a durable local-currency funding platform".

At a glance

• Company: UsPlus
• Raised: R50 million (about $3 million)
• Type: Four-year senior unsecured social bond, JSE-listed
• Investor: African Local Currency Bond Fund, managed by Cygnum Capital
• Products: Invoice discounting, factoring, purchase order financing