NASDAQ-listed South African fintech Lesaka Technologies will finalise its $85 million acquisition of fintech startup Adumo in October 2024 after receiving approval from shareholders and South Africas Competition Commission.
First announced in May, the deal will expand Lesakas consumer and SME merchant financing services into Botswana, Kenya, Namibia, South Africa and Zambia.
This acquisition allows us to offer payment processing, integrated payments and reconciliation solutions to SME merchants in South Africa, Namibia and Botswana, the company said on an earnings call on Thursday. It also allows us to enter a new market vertical, being the hospitality sector.
Through the acquisition, Lesaka claims it will reach 1.7 million customers and 119,000 merchants in the Southern African region. The company currently has 1.5 million customers.
Lesaka, with a market capitalisation of $315 million, owns payment provider EasyPay, and Kazang, a card-acquiring POS device company. In February, the company acquired point-of-sale provider Touchsides for an undisclosed amount.
