Fintech Association Of Kenya’s Post

Lesaka Technologies Inc., a fintech firm listed on the Nasdaq, has successfully finalized the purchase of adumo, another fintech entity, for a total consideration of $96 million. The transaction was a combination of cash and stock, with Lesaka disbursing $13 million in cash. The acquisition price saw an increase of $10 million from the initially reported figure in May, buoyed by a 27% appreciation in the share price of Lesaka. Adumo’s CEO, Paul Kent, expressed enthusiasm about becoming part of the Lesaka group. He highlighted the merger as a significant development for the Southern African fintech landscape, positioning the combined entity as a formidable force with leading market presence across various sectors and verticals. The acquisition received the green light from Lesaka’s shareholders and the South African Competition Commission in September 2024. With the integration of Adumo, Lesaka is set to expand its reach to an impressive customer base, encompassing 1.7 million active consumers and 120,000 merchants. Click the link to read more: https://lnkd.in/dS9G-aEv #innovationvillage #leseka #adumo #acqusition #fintech #ecosystem #stocks #southafrica #africabusiness #technews #techtrends #africa

Exciting news in the fintech industry! Lesaka Technologies Inc., a leading South African fintech firm, has just sealed a game-changing deal to acquire adumo; for $85.9 million. The acquisition, subject to shareholder and regulatory approval, is set to close in the third quarter of this year. This strategic move will see Lesaka Technologies bolster its position as a natural consolidator of Southern African fintech. With the addition of Adumo's extensive network, Lesaka's ecosystem will now serve 1.7 million active users and 119,000 merchants, processing over $13 billion in annual throughput. Adumo, a key player in the payment solutions market, boasts services catering to approximately 23,000 active retailers. Their corporate card services alone assist 245,000 cardholders with various financial management needs. Additionally, Adumo ISV, known as GAAP, provides vital POS and Software-as-a-Service solutions for the hospitality industry. Lincoln Mali, CEO of Lesaka Southern Africa, expressed enthusiasm about the acquisition, citing Adumo's substantial customer base and innovative payment technologies as invaluable assets. Steve Heilbron, Lesaka's head of business development, emphasized the historic significance of the deal and welcomed esteemed shareholders Apis and ARC into the Lesaka family. #Fintech #Acquisition #Innovation #LesakaTechnologies #Adumo #PaymentSolutions #SouthernAfrica #FinancialServices #TechnologyIntegration #hakunamatatamedia

++ Lesaka Technologies Inc. Acquires #Adumo RF in ZAR 1.59 Billion Deal ++ Lesaka Technologies, Inc. (“Lesaka”) has signed a definitive agreement to acquire Adumo RF (Pty) Ltd (“Adumo”) for ZAR 1.59 billion ($85.9 million translated at the prevailing rate $1: ZAR 18.50 as of May 7, 2024). The transaction is subject to shareholder and regulatory approvals. "We are thrilled to welcome the Adumo team into the Group and Adumo CEO Paul Kent onto our executive leadership team. Adumo’s customer base provides us access to more than 245,000 consumers and to payment technologies that we can incorporate into our existing operations. The pending acquisition of Adumo is another significant milestone for Lesaka as we build the top fintech platform in Southern Africa." - Lincoln Mali, CEO, Lesaka Southern Africa "This is a landmark deal for us. We are excited to welcome respected shareholders Apis and ARC. The augmentation of product offerings broadens our value proposition and enhances our ability to be disruptive and solve for our merchants’ pain points. Steve Heilbron, Head of Corporate Development, Lesaka We look forward to joining forces with the Lesaka team and contributing to the continued success of the Lesaka story. Our combined offering will significantly enhance the customer value proposition, and it is a natural fit considering our respective strengths and technology offerings." - Paul Kent, Co- Founder and Chief Executive, Adumo #techafricanews #africa #southernafrica #payment #technologies #corporate #development #regulatory #approvals

++ Lesaka Technologies Inc. Completes $96.2 Million Acquisition of adumo, Strengthening Fintech Presence in Southern Africa ++ Lesaka Technologies, Inc. has announced it has completed its acquisition of Adumo. The transaction was settled through the issuance of 17,279,803 shares of Lesaka’s common stock and a cash payment ZAR 232.2 million ($13.4 million), implying a total purchase consideration of ZAR 1.67 billion ($96.2 million) using Lesaka’s October 1, 2024, closing price on the Johannesburg Stock Exchange of ZAR 83.05 per share. "The Adumo transaction is an exciting addition to the Lesaka story. It significantly enhances our technology platform, adding customers, solutions, and meaningful scale. Lesaka’s full-service fintech platform will serve 1.7 million active consumers, 120,000 merchants, and process over ZAR 270 billion in throughput (ZAR 45 billion card, ZAR 105 billion VAS and ZAR 120 billion cash) per year in our connected ecosystem as we facilitate the digitization of commerce in our markets. The Group will have over 3,300 employees operating on the ground in 5 countries: South Africa, Namibia, Botswana, Zambia, and Kenya. I would like to extend a warm welcome to all the Adumo employees, as well as Adumo Chief Executive Paul Kent who joins our executive leadership team. Paul will take responsibility for our merchant pillar. I would also like to welcome Crossfin Chief Executive Dean Sparrow who joins our board as a non-executive director and our new shareholders – Apis Growth Fund I and African Rainbow Capital, the largest shareholder of Crossfin." - Lincoln Mali, CEO Southern Africa, Lesaka "We are thrilled to be joining the Lesaka group, creating a Southern African fintech of significant scale, with leading positions in several verticals and sectors. Our businesses are a natural fit with the combined solution set, distribution network and technologies positioning us perfectly to take advantage of the digitization across our economy. We continue to innovate and expand the holistic suite of products and services offered to our merchants in solving for their pain points.” - Paul Kent, CEO, Adumo #techafricanews #africa #southernafrica #fintech #presence #products #services #innovation #digitization #economy

📈 Infibeam Avenues’ UAE Subsidiary to Raise $25 Million in Pre-IPO Round, Shares in Focus. 📝 Summary: Infibeam Avenues' UAE-based subsidiary, Avenues World FZ-LLC, is in the process of raising approximately $25 Mn in a pre-IPO round from a select group of investors. This strategic move precedes the subsidiary's listing in the UAE capital market. Upon completion of the fundraise, Vavian International Limited, the parent company's wholly owned subsidiary, will retain a stake of 75% or more in Avenues World FZ-LLC. The transaction is expected to be finalized within the next 45 days. 🔍 Key Points: - Avenues World FZ-LLC, the UAE-based fintech company, aims to raise $25 Mn in a pre-IPO round to prepare for its listing in the UAE capital market. - Vavian International Limited, Infibeam Avenues' wholly owned subsidiary, will maintain a stake of 75% or more in Avenues World FZ-LLC post the fundraise. - The transaction is expected to be completed within 45 days. - Infibeam Avenues clarified that this transaction does not fall under related party transactions, and Avenues World FZ-LLC is not considered a material subsidiary. - Avenues World FZ-LLC offers multi-currency payment gateways, B2Biz payments, ccavenue phonepay, and finance solutions in the fintech space. 🚀 Company Background: - Founded in 2007, Infibeam is a listed company providing comprehensive digital payment solutions and enterprise software platforms to businesses and governments. - Infibeam Avenues recently received final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator through its payment gateway brand CCAvenue. - The company boasts a merchant base of over 10 Mn and onboarded more than 500K merchants in H1 FY24. - Infibeam Avenues introduced India’s first pin-on-glass SoftPoS solution, CCAvenue TapPay, catering to merchants and kiranas across the country. - In Q3 FY24, Infibeam Avenues reported a significant increase in profit after tax to INR 42.1 Cr and operating revenue more than doubled to INR 912 Cr compared to the previous year's quarter. 📈 Market Performance: - Shares of Infibeam Avenues opened at INR 35.34 apiece on Wednesday, indicating investor interest in the company's strategic moves and growth prospects. #InfibeamAvenues #Fintech #PreIPO #Fundraising #BusinessExpansion #StartUpNews #BusinessNews #MicroShots #NewsUpdates

PostEx, an emerging fintech powerhouse, has successfully secured $7.3 million in a crucial pre-series A funding round, positioning itself for accelerated growth and the upcoming Series A milestone. This pivotal funding will empower PostEx to fortify its market leadership in Pakistan while embarking on an ambitious expansion into the Gulf Cooperation Council (GCC) region. By extending its innovative services to new markets, PostEx aims to reshape the fintech and logistics landscape across the GCC. The funding round was led by Conjunction Capital, a global venture capital firm specializing in technology-driven investments, with participation from notable investors including DASH Ventures, Sanabil500, VSQ, FJ Labs, and Zayn VC. Operating on a unique hybrid model that blends fintech with logistics, PostEx offers businesses instant access to capital, breaking down traditional financing barriers and fostering growth in the $6 billion Pakistani e-commerce sector, where online transactions still account for just 1-2% of retail activity. Over the past 18 months, PostEx has marked significant progress, achieving an impressive annual recurring revenue of $21 million. CEO Muhammad Omer Khan emphasized the challenges faced by digital entrepreneurs in Pakistan and the GCC due to outdated financial systems and reiterated PostEx's dedication to empowering online sellers with the capital they need to thrive. Kirill Kozhevnikov, Managing and Founding Partner at Conjunction Capital, expressed strong confidence in PostEx’s potential, underscoring the importance of the Saudi Arabian market as a key growth driver within the GCC. #PostEx #PakistanStartup #FinTech #PreSeriesAFunding #FundingAlert #FundraiserAlert #GCCExpansion #ConjunctionCapital #DASHVentures #Sanabil500 #VSQ #FJLabs #ZaynVC #VentureCapital #FintechInnovation #Ecommerce #CapitalAccess #BusinessGrowth #PakistanFintech #GlobalExpansion #FinancialInclusion #DigitalTransformation #AllBoutCorps

Breaking News: Penny Software Achieves Remarkable Pre-Series A Funding Success! 💰🚀 ➖ Secured funding from prominent investors like Iliad Partners, GSI, and Knollwood Investments ➖ Existing investors, including Dallah Investment, continue their support ➖ Expected to oversee a staggering $1B+ Gross Transaction Value in 2024 A game-changer in the procurement software industry, poised for regional and global expansion! 🌍✨ Read More: https://lnkd.in/gy7EaH9s #SaaS #Procurement #Startup #FundingRound #SaudiArabia #Expansion #B2B #EnterpriseSoftware #FundingNews #StartupFunding #Rasmal #MENA #BusinessNews

🌟 We, at MAGNiTT, just launched our first-ever 5-Year MENA M&A Report, providing a comprehensive analysis of the mergers and acquisitions landscape in the region from 2019 to 2023. Here are some key insights: 📈 Total Disclosed M&A Value: MENA amassed a staggering $8.1Bn in disclosed M&A deals, with a significant 87% of this value-driven by just five mega deals. 📊 Total M&A Transactions: The region saw 212 M&A transactions, peaking at 70 deals in 2022. However, deal volumes fluctuated due to economic events and COVID-19, leading to a 39% decline in 2023. ⏳ Median Years to Exit: The median time for MENA startups to exit increased from 4 years in 2021 to 6 years in 2023, averaging five years over the five-year period. 🏆 Top Investor: 500 Global emerged as the investor with the biggest portfolio of startups with M&As, involved in 15 M&A deals and accounting for 50% of the exits by international investors in the region. 🇦🇪 Country Breakdown: The UAE consistently led M&A activity, capturing 45% of total deals over the five years. In 2023, the UAE accounted for 56% of MENA’s M&A deals and 22% of total acquirers. 🛍️ Industry Focus: E-commerce/Retail dominated with 19% of M&A deals from 2019-2023. In 2023, FinTech surged to the forefront, claiming a 23% share of total deals. 🚀 Top M&A Deals: All top five M&A deals involved UAE-founded startups. 👉 Dive deeper into the dynamics of the evolving #MENA startup ecosystem with MAGNiTT's latest report: https://lnkd.in/dfJGp8mH #MAGNiTT #MENA #MergersAndAcquisitions #VentureCapital #StartupEcosystem #FinTech #Ecommerce #UAE #EmergingMarkets 4o

Lesaka Technologies Inc. has officially completed its acquisition of adumo, a leading payments processor in Southern Africa. The $96.2 million transaction, comprising cash and stock, marks a pivotal move for Lesaka as it strengthens its position in the region's fintech landscape. This acquisition follows the successful integration of Connect and Kazang businesses and the recent addition of Touchsides, underscoring Lesaka's strategy to consolidate its services and expand its impact across Southern Africa. The acquisition brings to Lesaka Adumo’s extensive experience in payment processing and integrated software solutions, currently serving 23,000 active merchants across South Africa, Namibia, Botswana, and Kenya. The transaction not only boosts Lesaka's scale and capabilities but also adds significant value through Adumo’s three distinct business lines: Adumo Payments, Adumo ISV (GAAP), and Adumo Ventures, each providing tailored payment solutions across varied sectors, from hospitality to corporate clients like Coca-Cola and Anglo American. With the expanded portfolio, Lesaka’s platform will now serve 1.7 million active consumers and 120,000 merchants, facilitating a connected ecosystem that processes over $15.5 billion in annual throughput. As CEO Lincoln Mali notes, the acquisition greatly enhances Lesaka’s technology platform, enabling further innovation in digital commerce and adding robust resources to their merchant and consumer offerings. Mali also welcomed Adumo’s CEO Paul Kent to the leadership team, signaling a seamless alignment in Lesaka's mission to empower Southern Africa’s fintech industry. As Lesaka moves forward with its expanded team and strengthened platform, the company is positioned to deliver cutting-edge, holistic fintech solutions that support both small and large businesses alike. This acquisition provides a beachhead for further growth opportunities, setting Lesaka on a trajectory to deepen its market penetration and drive the digitization of commerce across Africa. #Lesaka #AdumoAcquisition #FintechAfrica #DigitalCommerce #BusinessGrowth #Innovation

In a significant move to expand its footprint in South Asia, Turkish fintech unicorn Papara has successfully acquired Pakistan-based Electronic Money Institution (EMI) SadaPay. The acquisition, involving a 100% purchase of SadaPay, marks one of the most notable fintech investments in #Pakistan in recent years. Commenting on the acquisition, Papara CEO Emre Kenci stated, “This acquisition marks one of the most significant fintech investments in the country in recent years. We aim to position SadaPay as the leading fintech player in the region by bolstering its innovative and bold initiatives with Papara’s business know-how, robust technology, and user-centric culture. SadaPay will continue its growth journey with its brand.” Read more: https://lnkd.in/dcaSeBJD Papara, SadaPay, Emre Kenci, Brandon Timinsky #Papara #SadaPay #Acquisition #PakistaniFintech #EMI #TurkishUnicorn #Fintech ##Pakistan #Turkey #Turkish #Unicorn #Acquires #Fintechnews #FintechnewsPakistan #TurkeyFintechnews