DPO Group, a Nairobi-based payment services provider, has acquired ownership of South Africa’s fintech platform – PayFast at an undisclosed amount.
PayFast is the fifth company that DPO Group is acquiring since inception in 2006. DPO chairman Offer Gat stated that the acquisition was carried out via shares and cash. However, PayFast’s management team will remain key shareholders in the DPO Group. The acquisition is alleged to be the biggest acquisition deal in South Africa. It is alleged to be higher than the R100-million that DPO paid PayGate in a merger in 2016.
See also: Visa Acquires New Payment Gateway Payworks
PayFast was founded by Jonathan Smit and Andy Higgins in 2007. The company had more than 55000 South African e-commerce merchants at the time of sale. According to the company, they own the broadest range of shopping cart integration in Africa. PayFast’s Instant EFT service grants consumers a secured alternative means for online payments.
DPO explained in a statement that the integration of PayFast into DPO’s services will increase its range of payment options and also provide solutions to PayFast’s existing customer base.
DPO Group will leverage the deal to serve over 100,000 merchants across 18 African markets. Their services will also be available to both DPO Group and PayFast merchants on a single platform. This integration will improve the company’s capacity to do business around the globe. They plan to expand to ten African countries and six new markets in Francophone Africa.
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