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Home Business Fintech

South African fintech acquires Adumo

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

South African fintech acquires Adumo

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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

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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.

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