• Latest
  • Trending
South African fintech acquires Adumo

South African fintech acquires Adumo

October 6, 2024
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

September 5, 2025
Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

September 5, 2025
Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

September 5, 2025
Paratus Group introduces first private mobile network using LTE and 5G in Namibia

Paratus Group introduces first private mobile network using LTE and 5G in Namibia

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech News
    • Global Tech News
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How to
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • AI
No Result
View All Result
  • Tech News
    • Africa Tech News
    • Global Tech News
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How to
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • AI
No Result
View All Result
Techpression
No Result
View All Result
Home Business Fintech

South African fintech acquires Adumo

Oluwatosin Adeyemi by Oluwatosin Adeyemi
October 6, 2024
143 7
0
South African fintech acquires Adumo

South African fintech acquires Adumo

465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

The payment processing company Adumo has been officially acquired by Lesaka Technologies, a fintech company listed on the NASDAQ and Johannesburg Stock Exchange, for R1.67 billion ($96 million).

The agreement includes the issue of about 17 million shares of Lesaka common stock and a cash payment of R232.2 million ($13 million).

The final purchase price is $10 million more than the amount disclosed in May 2024, indicating a 27% rise in Lesaka’s share price.

Read also: Nigerian Fintech Festival hosts inaugural edition in Lagos

RelatedPosts

Lesaka Technologies acquires Bank Zero for R1.1 billion

Lesaka Technologies to acquire Adumo in $86 million deal

Lesaka CEO enthusiastic about the acquisition 

The acquisition has excited Lincoln Mali, CEO of Lesaka Technologies Southern Africa, who said, “The Adumo transaction is an exciting addition to the Lesaka story.” Our technological platform has dramatically improved since it has gained customers, solutions, and considerable size. 

In addition, he extended a hearty welcome to Paul Kent, the CEO of Adumo, who will supervise the merchant business and join Lesaka’s senior leadership team. 

Kent will be in charge of Lesaka’s merchant division, which the company anticipates expanding now that the cycle of interest rate reductions has started. Crossfin Technology Holdings CEO Dean Sparrow also becomes a non-executive director on the Lesaka board.

Adumo’s acquisition expands Lesaka’s operational reach 

The Competition Commission of South Africa and Lesaka’s shareholders approved the acquisition in September 2024. It greatly expands Lesaka’s operational reach, allowing the financial platform to service 120,000 merchants and 1.7 million active customers, handling more than R270 billion ($15.5 million) transactions yearly. 

As a result of the merger, Lesaka today employs over 3,300 people in South Africa, Namibia, Botswana, Zambia, and Kenya.

Adumo, a Cape Town-based company founded in 2019, specialises in integrated payment systems and card-acquiring point-of-sale (POS) devices. It serves 240,000 customers and 23,000 merchants. 

Adumo asserted before the acquisition that it was handling more than R24 billion ($1.3 billion) in transactions yearly, strengthening its position in the industry.

Read also: KaiOS, Mastercard boosting digital payments in Africa

Lesaka is expanding its reach through a series of acquisitions 

Lesaka, a $310 million market capitalisation firm, is well-known for owning EasyPay, a payment provider, and Kazang, a different POS equipment company that accepts cards. The beer producer Heineken sold Touchsides, a merchant services and data analytics provider, to the fintech business in February 2024 for an unknown sum.

After this acquisition, Lesaka is looking for other expansion prospects and has identified several possible acquisition targets.

Lesaka recorded a net loss of R326 million ($18.7 million) for the fiscal year ending in June 2024 despite claiming an 11% increase in revenue to R10.6 billion ($609 million). 

Adumo’s integration is expected to strengthen Lesaka’s competitive advantage over competitors such as YOCO, which operates only in South Africa.

Tags: AdumoLesaka Technologies
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Startups
  • Fintech
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Tech Careers
    • Africa Tech News
    • Global Tech News
    • How to
    • Reviews
  • Startups
  • Fintech
  • Cryptocurrency
  • AI
  • Tech Tv
  • Featured

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.