Capitec Bank in South Africa has entered into a binding agreement to acquire Walletdoc for up to ZAR 400 million (approximately $23.5 million).
The proposed deal, comprising ZAR 300 million in cash and a deferred earn-out of ZAR 100 million, remains subject to regulatory approval.
Based in Johannesburg, Walletdoc is a digital payment platform that supports online bill management and B2B payments, offering solutions like digital wallets, instant EFT, payment links, and real-time payouts for merchants.
The company was created by Leonard Shenker and Dan Wagner in 2015, and was previously backed by domestic venture capital firm AlphaCode prior to its acquisition by Capitec this month.
In a statement, Capitec says the purchase will be used to offer payment acceptance tools to business clients, and e-commerce solutions to personal banking clients.
The bank, with ZAR 238 billion in total assets, also acquired a controlling interest in online lending platform Avafin in March last year. The Avafin acquisition provided Capitec with advanced credit scoring and online lending capabilities, which now complement Walletdoc’s payment solutions by enabling the bank to offer a broader range of integrated financial services to both businesses and individuals.
Source: https://www.fintechfutures.com/
