South African fintech company Lesaka Technologies has finalized an agreement to purchase Adumo for $85.9 million in a move to expand fintech footprint in Southern Africa.
According to reports, the transaction is anticipated to be finalized in the third quarter of 2024, bringing Lesaka’s payment services to a total of five southern African nations.
In addition to $12.5 million in cash, which will be provided by both internal and external finance, the purchase price will be settled in the form of 17,279,803 shares of Lesaka common stock given to Adumo’s current ultimate shareholders.
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Lesaka claims that with the acquisition, its network would support 119,000 merchants, 1.7 million active users, and process more than $13 billion (R250 billion) in throughput annually.
Approximately 3,300 people will work for the firm in five nations: Namibia, Botswana, Zambia, Kenya, and South Africa.
“The acquisition reinforces Lesaka’s position as a natural consolidator of Southern African fintech and will enhance our strengths in both the consumer and merchant markets,” the company said in a statement.
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