Invictus Capital & Finance

What Invictus Capital & Finance does

Invictus Capital & Finance (ICF) is a Société de Gestion et d'Intermédiation (SGI) founded in 2019 and headquartered in Dakar, Senegal, licensed by the Autorité des Marchés Financiers de l'Union Monétaire Ouest-Africaine (AMF-UMOA) under license SGI/2019-02. The firm operates as a capital markets intermediary on the UEMOA Regional Financial Market, arranging and lead-managing bond issuances (APE), structuring securitization vehicles (FCTC), and providing custody and account services to states, public enterprises, corporations, and institutional investors across the eight-country West African Economic and Monetary Union zone. It also runs a secondary office in Abidjan, Côte d'Ivoire, and coordinates a placement syndicate of more than 20 financial institutions for the distribution of public offerings.

ICF's product architecture spans four pillars: (1) Marché des Capitaux — bond issuance structuring, IPO advisory, and capital raising for sovereigns, corporates, and institutionals; (2) Ingénierie Financière — bespoke financial engineering and structuring, including FCTC securitization of corporate and agricultural receivables; (3) Gestion — both discretionary management (Gestion Sous Mandat) and self-directed management (Gestion Libre); and (4) Conservation et Tenue de Compte — custody and account services. The Bourse en Ligne online trading platform (boursenligne.invictuscapfin.com) provides self-directed retail access to the BRVM stock exchange, extending ICF's reach beyond institutional clients.

The business model is professional services–based, generating revenue from arrangement and lead-management fees on bond and securitization mandates, asset management fees on managed portfolios, and brokerage commissions on Bourse en Ligne transactions. Key disclosed clients include the Government of Senegal (multiple sovereign APEs totaling over 1.16 trillion FCFA between 2023 and 2026), Groupe Sonatel, La Banque Agricole, and the Port Autonome de Dakar. Registered capital stands at 1,070,000,000 FCFA, and the company was recognized as 'Meilleure Société de Gestion & Intermédiation 2024' by MEA Markets.

Name

Invictus Capital & Finance

Legal name

Invictus Capital & Finance

Website

https://invictuscapfin.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Invictus Capital & Finance is a Dakar-headquartered, AMF-UMOA-licensed Société de Gestion et d'Intermédiation serving as a capital markets intermediary and asset manager for states, corporations, and investors across the UEMOA region through bond issuance, securitization, portfolio management, and online BRVM brokerage.

Ownership category

akta.pro rank

Product category

Capital Markets Intermediation & Asset Management

NAICS

Investment Banking and Securities Intermediation (523150), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI), Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM)

Keywords

• Capital markets intermediation
• Asset management services
• Bond issuance arrangement
• Portfolio management
• Brokerage trading platform

Headquarters

HQ city

Dakar

HQ country

Senegal

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management & Intermediation Fees: ICF earns fees for managing investment portfolios (discretionary management) and acting as arranger/lead manager for bond issuances and securitization transactions on the UEMOA market. Revenue is generated through arrangement fees, management fees, and brokerage commissions on securities transactions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Invictus Capital & Finance is a licensed Société de Gestion et d'Intermédiation (SGI) operating on the UEMOA Regional Financial Market, providing financial intermediation and asset management services. Its core offerings include bond issuance arrangement (APE), corporate securitization (FCTC), investment advisory, custody and account management, discretionary portfolio management (Gestion Sous Mandat), and self-directed online trading via the Bourse en Ligne platform for the BRVM stock exchange.

Product overview

Invictus Capital & Finance operates as a unified financial services platform offering investment management, capital markets, and financial engineering services. The core offerings consist of two main pillars: the Capital Markets division providing investment advisory, bond issuance structuring (APE), and IPO services; and Financial Engineering providing custom financial structures. Client-facing service modules include Gestion Libre (self-directed trading via the Bourse en Ligne platform), Gestion Sous Mandat (discretionary management), and Custody/Account Management. The company also structures securitization vehicles (FCTC) for corporate and agricultural receivables.

Differentiator

Problem solved

Functional benefit

Products and services

• Ingénierie Financière (Financial Engineering) Design and implementation of custom financial structures tailored to the specific needs and objectives of corporate, governmental, and institutional clients in the UEMOA zone.
• Conservation et Tenue de Compte (Custody and Account Management) Provision of custody, account-keeping, and investor advisory services for clients seeking to invest directly in the UEMOA financial market and acquire financial assets.
• Marché des Capitaux (Capital Markets) Investment advisory, financing mobilization via bond issuances (APEs), and IPO services on the UEMOA Regional Financial Market for states, enterprises, and institutional investors.
• Bourse en Ligne (Online Trading Platform) Self-directed online brokerage platform accessible at boursenligne.invictuscapfin.com that enables clients to open accounts and invest autonomously on the BRVM (Bourse Régionale des Valeurs Mobilières) stock exchange.
• APE (Emprunt Obligataire par Appel Public à l'Épargne) Structuring and placement of sovereign and corporate bond issuances by public offering on the UEMOA Regional Financial Market, including tranche-based instruments yielding 6.40%–6.95% per annum.
• FCTC (Fonds Commun de Titrisation de Créances) Securitization operations that transform corporate, agricultural, or other receivables into negotiable financial securities on the UEMOA market, structured with KF Titrisation as FCTC manager.

Quantifiable outcome

• Sovereign bond issuance oversubscribed at 108.95% (305.06B FCFA raised vs. 280B target)
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and major.

• KF TitrisationcoreStrategic or Co-development Partner · 1 January 2024KF Titrisation is the manager of the Fonds Commun de Titrisation de Créances (FCTC) structures. ICF and KF Titrisation co-structured the FCTC Sonatel operation (75B FCFA) and the FCTC Croissance Agricole operation (80B FCFA), combining ICF's arranger expertise with KF Titrisation's securitization fund management capabilities.
• Port Autonome de Dakar (PAD)coreOthersICF acted as arranger and lead manager for PAD's 60 billion FCFA bond issuance (PAD 6.60% 2020-2027) financing the Ndayane Port construction — a strategic infrastructure aligned with Senegal's Vision 2035 and Plan Senegal Emergent.
• Placement Syndicate Members (APE Senegal 2026)majorChannel Partner/ Reseller/ DistributorICF leads a placement syndicate (syndicat de placement) for government bond issuances, with syndicate members including: Coris Bank, SA2IF, Image Finances International, SBIF, Côte d'Ivoire, ATLJSIF, BIA-Guinée, Coris Bourse, SGI Mali, Global Capital, SGI Niger, NSIA Finances, Société Générale (Senegal), Malice: SGI Malice, BOAD, SENELEC, Société Générale Côte d'Ivoire, SGCI, Ecobank, FGI, Imatex, TOGO: SGI Togo.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Société Générale (West Africa subsidiaries): Major French banking group with UEMOA subsidiaries active in brokerage and capital markets. Broad incumbent competing with ICF for large institutional and sovereign mandates.
• EFG Hermes: Pan-emerging-markets investment bank with African operations providing ECM, DCM, and brokerage services. Operates at a larger scale than ICF but is thematically comparable as an emerging-markets intermediation franchise.
• Ecobank Capital: Pan-African banking group with capital markets operations across the UEMOA zone. Competes with ICF for corporate and sovereign intermediation mandates from a much larger banking platform.
• NSIA Finances: Ivorian-headquartered pan-African financial group with capital markets, asset management, and insurance operations. Competes with ICF across multiple UEMOA markets with broader product capabilities and larger balance sheet.

Direct peers

• SGI Togo: Togolese Société de Gestion et d'Intermédiation providing brokerage and intermediation on UEMOA markets. Direct regional peer competing for mandates and investor wallet share.
• Coris Bourse: Burkinabé SGI subsidiary of Coris Bank Group, offering intermediation and asset management services in UEMOA. Competes directly with ICF for sovereign and corporate mandates across the WAEMU zone.
• CGF Bourse: Ivorian Société de Gestion et d'Intermédiation licensed by AMF-UMOA, providing brokerage, asset management, and capital markets intermediation on the BRVM. Direct competitor to ICF for UEMOA mandates, especially in Côte d'Ivoire.
• SGI Mali: Malian Société de Gestion et d'Intermédiation licensed by AMF-UMOA, active in intermediation on the BRVM and UEMOA market. Direct peer of ICF in the regional intermediation landscape.
• Malice SGI: UEMOA-licensed SGI active in intermediation and asset management across West Africa. Direct competitor to ICF in the regional brokerage and capital markets space.

Others

• BOAD (Banque Ouest-Africaine de Développement): West African regional development bank active in capital markets and project finance across UEMOA. Acts more as an issuer/investor than direct competitor but overlaps in intermediation ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/invictusicf
• LinkedInlinkedin.com/company/invictus-capital-finance-sa

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invictus Capital & Finance