Capitec Financial institution has signed a binding settlement to accumulate 100% of Walletdoc Holdings, pending regulatory approvals.
The acquisition is a part of its technique to supply extra accessible and reasonably priced digital cost options to its shoppers.
Walletdoc, a South African fintech based in 2015, supplies scalable cost gateway options together with on-line and in-app funds, digital wallets, Immediate EFT, cost hyperlinks, and real-time payouts. The corporate has earned a fame for innovation, effectivity, and a client-centric method, aligning carefully with Capitec’s values.
Leonard Shenker, CEO of Walletdoc, stated the acquisition would permit the fintech to scale its choices throughout a wider market. “With Capitec’s scale, digital management, and dedication to innovation, we’re excited to convey our options to a broader market and ship the following technology of cost experiences to shoppers and companies throughout South Africa,” Shenker stated.
Capitec CEO Graham Lee stated the acquisition reinforces the financial institution’s dedication to monetary inclusion. “We consider within the energy of progressive expertise to ship sensible, seamless cost options that profit each retailers and shoppers. This is a crucial step in constructing a extra inclusive and aggressive funds ecosystem,” Lee stated.
Capitec can pay R300 million (~USD 17.6 million) in upfront money and a deferred earn‑out of R100 million (~USD 5.9 million) payable in money over three years, linked to efficiency milestones, valuing the transaction at roughly R400 million (~USD 23.5 million) in whole consideration.
Lee added, “Our goal stays to make a significant distinction within the monetary lives of our shoppers, and to assist South Africa develop. We’re excited to develop a world-class funds ecosystem together with our 25 million private and enterprise banking shoppers.”
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