The partnership strengthens our ability to bring affordability and accessibility to digital payments.
Capitec acquires Walletdoc to bring affordability and accessibility to digital payments
Capitec is pleased to announce that it has entered into a binding agreement to acquire 100% of Walletdoc Holdings Proprietary Limited (“Walletdoc Holdings”), subject to regulatory approvals. This acquisition marks a significant milestone in Capitec’s strategy to offer leading secure payment acceptance to Capitec Business clients and simpler, more affordable e-commerce solutions to Capitec Personal Banking clients.
Walletdoc, established in 2015, is a South African fintech providing scalable, innovative payment gateway solutions for merchants, including online and in-app payments, digital wallets, Instant EFT, payment links, and real-time payouts. Walletdoc’s culture of innovation, efficiency, and client focus is closely aligned with Capitec’s core values.
Leonard Shenker, CEO of Walletdoc, said: "Walletdoc was founded on the belief that payments should be simple, secure and built for the future. As pioneers in new payment technology, we’ve always pushed to make digital transactions smarter, seamless and secure. With Capitec’s scale, digital leadership and commitment to innovation, we’re excited to bring our solutions to a much broader market and deliver the next generation of payment experiences to consumers and businesses across South Africa."
Graham Lee, CEO of Capitec, commented: “Capitec believes in the power of innovative technology to deliver smart, seamless payment solutions that benefit both merchants and clients. We are committed to making financial services more accessible and affordable for all South Africans, and we see this acquisition as an important step in building a more inclusive and competitive payments ecosystem.”
The purchase consideration comprises a cash payment of R300 million (subject to customary adjustments upon conclusion of the transaction) and a deferred earn-out of R100 million, linked to the Capitec share price and payable in cash over three years, subject to the achievement of certain milestones over that period.
“Our purpose remains to make a meaningful difference in the financial lives of our clients, and to help South Africa grow. This is an important step in our journey, and we are excited to develop a world-class payments ecosystem over the next couple of years along with our 25 million personal and business banking clients,” concludes Lee.
