May 23

South African Fintech Company Adumo Acquired by Lesaka in $85.9 Million Deal

By Tom Jackson

South African fintech company Adumo has been acquired by counterpart Lesaka in a deal worth ZAR1.59 billion (US$85.9 million), subject to shareholder and regulatory approval.

Adumo is South Africa’s largest independent payments processor, assisting approximately 23,000 active merchants with operations such as card acquiring, integrated payments and reconciliation services Since raising US$15 million in funding from IFC in 2021, it has been on somewhat of an acquisitions spree, buying the likes of SwitchPay, WireCard, GAAP, SureSwipe, iKhokha, and other smaller payment companies.

Photo courtesy of WorldRemit Comms.

Source: Disrupt Africa (link opens in a new window)

Finance, Technology
digital payments, financial inclusion, fintech, mobile finance