Our Portfolio:
We back specialist businesses where permanent capital and an operator mindset unlock the next phase of growth.
Our portfolio spans the UK, South Africa, Rest of Africa, Latin America and the US, across Financial Services, Tech, Insurance and Data.
Fully invested
Exits
The 3Way Group is the largest provider of hot qualified leads on the African continent, with over 17 years of experience in entrepreneurship, strategy, and risk management. With operations across the USA, South Africa, Kenya, Nigeria, Namibia, Botswana and beyond, our team has successfully established a strong presence in multiple markets, supported by over 100 employees and 1,000 call center agents. Our mission centers on leveraging cost advantages to deliver qualified and compliant leads globally across Financial Services, Debt Consolidation, Telco, and Credit verticals. Through strategic initiatives and a commitment to innovation, we continue to expand our impact, including a focus on the U.S. market, while maintaining high standards of customer value and operational excellence.
Almost 4 years have flown by since we did our equity transaction. Kendal:cap bought out a passive partner with a view to working alongside us in taking our business global and improving the quality of earnings. Although it’s still early days, it’s clear to see the caliber of the individuals. It’s powerful to have partners who have “seen the movie” and I fully appreciate the culture fit, the partnership approach and the cutting-edge mindset, which will only help us with our ambitions of building a leading performance based marketing business on a global scale and in hard currency.”
Danny Aaron
Chairman of the 3Way Group
Head office in Johannesburg, South Africa with a satellite office in Cape Town. We operate in the following Geos outside of South Africa: Namibia, Nigeria, Botswana, Kenya and U.S. (where our north star resides).
> R1 billion of profit generated since inception.
We generate of 1 million leads a month in South Africa alone across our core verticals being Insurance, VAS, phone contracts, personal loans and debt counselling.
PayCurve is recognised as a leading provider of Earned Salary Access solutions, designed to address the challenges faced by individuals dealing with short-term credit needs. By allowing employees to access a portion of their earned income before payday, PayCurve helps mitigate the reliance on costly and often predatory short-term credit options. In addition to providing financial access, PayCurve is committed to financial education, offering courses and tools that aim to foster lasting behavioural change and enhance financial literacy. This holistic approach makes PayCurve a comprehensive solution for financial improvement and empowerment in South Africa.
“Kendal Capital played an important role in PayCurve’s growth journey and successful realisation. Their involvement extended beyond funding: Kendal brought strong judgement, practical support, and access to high-quality strategic relationships. One of PayCurve’s early shareholders was originally from Kendal Capital and became deeply involved in the business, ultimately joining PayCurve directly, a strong reflection of Kendal’s alignment and partnership mindset. Kendal’s support contributed to a successful series of transactions culminating in PayCurve’s acquisition.”
Tamir Sacks
CEO of PayCurve
Focused on the South African market.
PayCurve established as a financial wellbeing fintech platform delivering earned wage access and payroll-integrated financial wellness solutions to employers and employees.
Kendal provided structured growth funding through a loan facility, enabling operational scaling and market expansion.
Kendal:cap completed its equity investment, partnering with management to support strategic growth, capital structuring, and value creation.
A Kendal:cap executive joined PayCurve’s executive team as a shareholder, strengthening execution capability and aligning ownership with operational leadership.
Clear World is a national importer and distributor of premium food and beverage products, specialising in well-known Italian brands and categories. The business supplies retail and HoReCa customers across South Africa through a flexible distribution model supported by a national sales and distribution team. Its offering combines quality international products, broad market reach and service-led customer relationships across South Africa.
Kendal capital has been a great partner to work with as they have been very supportive by giving us insight into various scenarios to improve our cash conversion cycles in our business as well as balance sheet forecasting. They have also given better financial controls by guiding us on implementation of certain check points in our business to become more profitable with the assistance of their professional team.
Philip Abramson
CEO of Clearworld
Head office in Cape Town, with a DC and offices in the GP region, as well as distribution partners in KZN and the Eastern Cape.
50+ employees
2,500+ direct customers
45+ sub-distributors nationwide
200+ SKUs across premium brands
Clearworld established as a premium importer and distributor of international food and beverage brands, serving retail and HORECA channels across South Africa.
Kendal:cap completed its investment, partnering with management to support strategic growth, brand expansion, and operational scaling.
The business expanded its premium brand portfolio and strengthened its market positioning within specialised food and beverage distribution.
MOIC: >25x
IRR: 163%
This transaction enabled an industry specialist investor to enter the Clearworld shareholder register, contributing sector expertise, complementary brand exposure, and product diversity. This strategic partnership is expected to enhance long-term growth prospects.
Traficc is a leading global underwriting manager, with over 20 years of experience in managing in excess of 15 cell captives and niche insurance companies across both Life and General Insurance. This expertise extends beyond typical offerings, focusing on robust underwriting and management processes that serve a wide range of industries which has seen them establishing bespoke insurance strategies and solutions for banks, finance and retail companies and motor dealers. As a key partner to more than 540 motor dealer partners in South Africa (most of which are franchise dealers), Traficc provides Value Added Products designed to boost customer retention and align with dealer goals.
Kendal Capital has been a long-standing shareholder and trusted partner. What sets Kendal apart is their permanent capital approach. Unlike private equity investors with fixed mandates and exit timelines, Kendal operates as a true long-term partner, allowing management to focus on building the business sustainably over time. Importantly, we see Kendal as like-minded commercial business partners, who understand entrepreneurs.
Nick Tarlie
Managing Director of Traficc
Operates in 26 countries in Africa and Latin America.
Managing >15 cell captives
> 500 motor dealer partners in SA
26 countries across Africa and Latin America
> 2.1 million policies under management
Traficc founded.
Kendal Capital invested in Traficc (22.00% stake).
Geographic scale across Africa & LATAM.
Expanded product offerings and established Mauritius cell captive structure.
Grew dealership network beyond 200 partners.
BS2 Seguros Brazilian insurance investment.
Established to provide flexible and accessible funding solutions, 365 Finance specialises in merchant cash advances, enabling businesses to obtain quick, unsecured funding. With a high approval rate and a simple application process, businesses can receive funds within 24 hours. The repayments are tied to a percentage of future card sales, ensuring businesses only repay when they have income, making it an ideal solution for managing cash flow. 365 Finance focuses on supporting SMEs by providing capital for operational needs, expansion, inventory purchases, and other business requirements, without the need for traditional collateral or extensive business plans. This innovative approach helps SMEs navigate financial challenges and pursue growth opportunities effectively.
Kendal Capital has been a trusted partner over many years. Their team has deep experience building and scaling financial services businesses across emerging markets, and they understand the realities of operating in complex multi-geography and multi-currency environments. When Kendal Capital was established, it made complete sense for us to partner with their team given the strength of their track record, their understanding of our markets, and their long-term mindset. Kendal brings far more than capital, they bring capability, sound judgement and hands-on support that accelerates execution.
Andrew Raphaely
Founder of 365 Finance
United Kingdom, supporting SMEs across various sectors, including hospitality, retail, and leisure industries.
Loan portfolio >£40m in 2025, forecasted to clear £50m in 2026
Funded over £600m since inception to >11,000 SMEs
Founded in the UK as an alternative SME lender focused on revenue-based finance.
Kendal Capital Investment
Secured £55m debt and equity funding
Enabled significant scale-up of lending capacity
Senior funding facility by Pollen Street Capital Raised — GBP 150m total facility with GBP 85m currently committed.
Level is an FCA-regulated, specialist UK lender providing fast, non-bank funding to individuals whose wealth is tied up in illiquid legal or private-client situations, including family law proceedings and probate. Level enables clients and their advisers to unlock capital at moments of stress or financial imbalance, offering certainty and speed of funding where traditional lenders are unable to help.
Kendal Capital has been a phenomenal investor to date and far more than just capital. They bring unmatched financial services, scaling and entrepreneurial experience and, unlike the vast majority of investors, get properly stuck in at an operational level. From our earliest discussions and throughout the investment transaction, they were commercial and straightforward to deal with, and have since become a genuinely trusted and valuable sounding board on strategic decisions, operational improvements and corporate transactions.
George Williamson
CEO of Level
London, UK
£200 million lent to date
30 staff across the UK and Cape Town
Focus on specialist litigation finance, initially family law.
Built national network of law firm partnerships.
Established underwriting model and initial loan book.
Completed capital raise / refinancing.
Established probate finance operation.
Kendal IP (Kendal Investment Partners) core services include capital markets advisory, financial planning, analysis and platform as-a-service, and legal consulting. Kendal IP provides hands-on support across debt and equity raises, capital and financial structuring, forecasting, modelling, reporting and ongoing performance management. Through its integrated model, Kendal IP is able to support businesses across the full lifecycle, from initial capital raising through to scaling and optimisation, ensuring that strategic objectives are translated into tangible outcomes. Kendal IP operates with an operator-led approach, combining technical financial expertise with practical, real-world execution. Being the execution and advisory capability within the broader Kendal ecosystem, Kendal IP works closely alongside Kendal Capital to support both portfolio companies and third-party clients.
Kendal Capital has played a meaningful role in supporting our broader strategic objectives, underpinned by the long-standing partnership between Kendal IP and Kendal Capital. Their approach is pragmatic and aligned, with a clear understanding of how businesses operate in practice. This alignment is strengthened by the shared history between our teams, which allows for efficient collaboration and a consistent approach to both strategy and execution. What stands out is their willingness to engage beyond a typical investor role, providing input on strategy, structuring, and key decision-making processes where relevant. Their experience across financial services and related sectors is evident, and they bring a level of commercial clarity that is valuable in execution. Kendal Capital’s long-term orientation also allows for a more considered approach to growth, which aligns well with how we operate at Kendal IP.
Nicholas Wardable
CEO of LKenal IP
Headquartered in Johannesburg with offices in London and Mauritius, Kendal:IP supports clients across the UK, USA, South Africa, the Middle East and other international markets.
Founded and established the business.
First international capital markets debt raise.
First international capital markets equity raise.
First local capital markets equity raise.
First legal consulting mandate.
First finance platform mandate.
First local capital markets debt raise.
First international FP&A mandate.
First listed securitisation issue.
Chickpea is a personalised communication platform that enables organisations to deliver dynamic, data-driven video experiences to customers at scale. By securely integrating with CRM and operational systems, Chickpea transforms customer data into personalised, interactive video communications powered by AI avatars, voice cloning, and automated video generation. The platform helps organisations replace static, one-size-fits-all messaging with personalised experiences that improve engagement, clarity, and measurable outcomes. Chickpea is used across financial services, sports and entertainment, and iGaming, supporting use cases such as client onboarding, disclosures, fan engagement, and personalised marketing campaigns.
Over the past year, our partnership with Kendal Capital has been built on strong alignment, trust, and a shared ambition to scale the business in the right way. The Kendal Capital team bring a rare combination of commercial insight, operational discipline, and real-world experience, which has been incredibly valuable as we continue to scale the business. What stands out most is their genuine partnership approach. They are engaged, pragmatic, and focused on outcomes. Beyond strategic guidance, they have also introduced key clients and opened doors that have created meaningful business opportunities for us. Having partners who have truly ‘walked this path’ brings a level of perspective and confidence that is hard to replicate. Kendal Capital and Kendal IP combines strong governance with an entrepreneurial mindset, and we value the relationship greatly as we continue building and scaling the business together.
Ryan Bailey
CEO of Chickpea
Headquartered in Los Angeles with offices in Johannesburg, Gibraltar, Cyprus, and Spain, Chickpea operates as a globally distributed platform supporting clients across the UK, Europe, the United States, and international markets.
Enterprise Clients
FTSE 100 and FTSE 250 financial institutions
Premier League football clubs
iGaming operators
Tier-1 global
Global Reach
Clients across the UK, Europe and international markets
Multi-sector platform across financial services, sports, and iGaming
Engagement Performance
91% video watch rate
82% interaction rate
28× uplift in conversion vs traditional communications
Talmar is a South African wellness and lifestyle investment platform focused on founder-led, “better for you” food, beverage and supplement businesses. Talmar is not a passive investment platform, but an operating platform with a vertically integrated model spanning manufacturing, procurement, warehousing, sales and distribution, brand marketing and direct-to-consumer e-commerce. Since its formation in 2025, Talmar has assembled a portfolio of three investments, including Clear World, Youthful Living and Nanuki - and is led by seasoned operators in the sector, with strategic backing from Kendal:cap and Investec Bank.
Although early days, Kendal:cap have proven to be excellent partners to work with. They have already added meaningful value to Talmar Investment Group through their strategic M&A, financial and legal skills. The Kendal: cap team is experienced, rigorous, decisive and disciplined in their dealings. These skills complement Talmar’s operational consumer goods expertise extremely well, and the complementary fit between the parties has already been evidenced in Talmar’s acquisition of a controlling interest in Clear World."
Richard Rushton
Chairman of Talmar Investment Group
South Africa
3 investments (Clear World, Youthful Living, Nanuki)
Portfolio revenue >R350m
15 brands in the basket
>90% of sales generated in South Africa
Talmar is established as a South African vertically integrated wellness investment platform.
Talmor acquires stake in Youthful Living (including Nanuki), and initial stake in Clear World.
Kendal Capital converts the balance of its Clear World stake into Talmar equity.
Acronym Consumer NPL Fund is a South African platform established to acquire and recover non-performing consumer loan portfolios at scale. The business is designed to institutionalise an asset class that has historically been fragmented and undercapitalised in the local market, while creating a credible and “repeat disposal” channel for major banks and consumer lenders. Acronym combines a highly experienced management team, deep sector expertise, and a disciplined operating model that aligns investors, sellers and external debt collectors within a single platform. Together with founders Stephan Venter and David Hurwitz, Kendal:cap played a central role in conceptualising the opportunity, shaping the operational & capital strategy, and supporting the establishment of the business through Kendal:IP’s financial modelling, capital markets, legal, strategic and operational capabilities.
Kendal:cap was instrumental in establishing Acronym, from assisting in the conceptualising of the opportunity and design of the capital and operational structure, through to helping raise the capital required and supporting the build-out of the business. Via Kendal:IP, they have provided finance, capital markets, modelling, legal and operational support across every stage of the journey. Kendal:cap brought far more than capital; with deep involvement in every stage of Acronym’s development. Their experience in consumer credit and capital markets has been invaluable, and they are outstanding partners for entrepreneurs building, launching and scaling a business.”
Stephan Venter & David Hurwitz
Co-Founders, Acronym Consumer NPL Fund
Acronym is focused on the South African consumer non-performing loan market, where portfolio supply materially exceeds current buying capacity and where the opportunity exists to build a more institutional, forward-flow driven market. While the strategy is focused locally, the platform is able to raise capital from a broader pool of investors, including international capital sources.
Fund 1 size: R350 million
Fund 1 book buying capacity: >R500 million
Acronym established
Fund 1 expected to close
Picasso Moon Investments is a Mauritius-based holding company focused on insurance and reinsurance structures, including cell captive and segregated account arrangements used across Africa and Latin America. Picasso Moon forms part of the wider Traficc ecosystem, with Traficc providing the underwriting and programme-management expertise behind the platform. Picasso Moon also owns a substantial stake in bs2 Seguros, a high-growth insurance business in Brazil. bs2 Seguros is a joint venture between Banco bs2 (a Brazilian digital bank) and Traficc, combining Banco bs2’s more than 30 years of banking experience with Traficc’s insurance innovation to create tailored insurance solutions for businesses and their customers.
Kendal:cap has been a longstanding shareholder and a highly constructive partner. What sets Kendal apart is its entrepreneurial mindset, its willingness to back new ventures, and its ability to support management teams in establishing and scaling businesses from the ground up. They are commercial, forward-thinking and easy to work with, particularly for entrepreneurs building something new.”
Nick Tarlie
Managing Director of Traficc
Picasso Moon operates across various countries in Africa and Latin America, giving it strong cross-regional insurance perspective.
Through Traficc, the broader platform has operations based in South Africa.
bs2 Seguros is a Brazil-focused insurer.
bs2 Seguros built as a B2B2C insurance platform, offering tailored insurance programmes for corporate partners and their end customers
Core markets served: SMEs, retailers, banks, finance companies, fintechs and the automotive sector.
bs2 Seguros was founded in 2021 as a joint venture between Banco bs2 and Traficc
Began operating in Brazil
