Nedbank has acquired Durban-based payments fintech iKhokha for R1.65 billion in an all-cash deal, calling it a “significant milestone” in its strategy to deepen support for small and medium-sized enterprises (SMEs).
What they’re saying
- “The acquisition is a pivotal moment in our strategy to empower the SME market,” said Ciko Thomas, Nedbank’s group managing executive for personal and private banking.
- iKhokha CEO Matt Putman said the deal unlocks synergies and a “highly competitive value proposition” for SMEs, while opening the door to exploring other African markets.
About iKhokha
- Founded in 2012 by Matt Putman, Ramsay Daly and Clive Putman.
- Offers mobile point-of-sale card machines, a payments app, and business management tools for SMEs.
- Backed by Apis Partners, Crossfin Holdings and the International Finance Corporation. Crossfin has invested since inception.
Expansion plans
Currently focused on South Africa, iKhokha sees the Nedbank partnership as a springboard to new African markets.
The investors’ take
“We are extremely proud of what has been achieved… and that we have found a great home for the business, its people and the SME market it services,” said Crossfin CEO Dean Sparrow.
What’s next
The deal awaits regulatory approval and is expected to close in the coming months.
Source: TechCentral
Learn more about other African tech startups on Labari Insights, our data repository for tech in Africa: insights.techlabari.com
