Lesaka Technologies, a big fintech company on the NASDAQ stock exchange, is buying Adumo, a payment platform, for a whopping R1.59 billion ($85 million) in cash and shares. This deal is happening in the third quarter of 2024 and will make Lesaka’s payment reach bigger in five countries in southern Africa.
Adumo, based in Cape Town and founded in 2019, helps shops and customers with card machines, payments, and keeping track of money. They handle a lot of money – over R24 billion ($1.3 billion) every year, with 23,000 shops and 240,000 customers using their services.
Lesaka already owns EasyPay, which is South Africa’s biggest payment system not owned by a bank, and Kazang, a popular card machine company. By joining forces with Adumo, Lesaka plans to become a major player in southern Africa, where other companies like YOCO are only in South Africa.
Earlier this year, Lesaka bought Touchsides, a company that analyses data and helps shops, for an unknown amount of money. Touchsides used to be owned by Heineken, the beer company. With this buy, Lesaka now has 1.7 million customers and 119,000 shops in South Africa, Namibia, Botswana, Zambia, and Kenya.
Lesaka says this deal shows they’re good at bringing together fintech companies in southern Africa, making them stronger for both customers and shops.
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