NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Tom Jackson

Over the past 18 months, five South African fintech companies – DocFox, Adumo, Ratality, Bank Zero and iKhokha – have been acquired for billions of rands. These transactions are not isolated – across Africa, 21 exits were recorded in the first half of 2025 alone, matching or exceeding annual totals from both 2023 and 2024.