Latest news with #iKhokha
Zawya
5 days ago
- Business
- Zawya
South Africa: Nedbank buys iKhokha in $93mln deal to boost SME services
Nedbank has agreed to acquire Durban-based fintech iKhokha for R1.65bn in an all-cash deal. The transaction, which is subject to regulatory approval, is expected to be finalised in the coming months. According to a statement cited in a MyBroadband report, the bank said the acquisition will allow it to merge iKhokha's payment technology with Nedbank's banking infrastructure to offer more integrated services to business clients. Ciko Thomas, group managing executive for personal and private banking at Nedbank, described the transaction as 'a pivotal moment' in its SME strategy. 'By combining iKhokha's technology with our banking expertise, we will provide small business clients with best-in-class tools to help them grow,' he said. Founded in 2012 by Matt Putman, Ramsay Daly and Clive Putman, iKhokha develops mobile point-of-sale products and a business management app that enables merchants to process card payments and run day-to-day operations. Putman, who has led the company since its launch, said there is strong alignment between the leadership teams. 'We believe our combined strengths will result in a truly differentiating and highly competitive value proposition for SMEs in market,' he said. While iKhokha's current footprint is limited to South Africa, the Nedbank partnership could open the door to expansion into other African markets. The deal also delivers an exit for iKhokha's long-term backers, Apis Partners, Crossfin Holdings and the International Finance Corporation. Crossfin CEO Dean Sparrow said the company was 'extremely proud' of iKhokha's growth and confident that Nedbank would be a strong custodian for its future. Nedbank CEO Jason Quinn said the acquisition supports the group's wider push to promote an inclusive, entrepreneur-driven economy.
IOL News
6 days ago
- Business
- IOL News
Nedbank acquires iKhokha for R1. 65 billion to enhance support for South African SMEs"
iKhokha starting transaction rates are competitive compared with competitors such as Yoco and Capitec Pay. The company has been acquired by Nedbank for about R1.65 billion. Image: Supplied Nedbank Group plans to acquire 100% of fintech innovator iKhokha in an all-cash deal of about R1.65 billion, a significant move in Nedbank's strategy to deepen its support for small and medium-sized enterprises through digital innovation and inclusive financial services. Founded in 2012, iKhokha has become a leading partner to many thousands of South African entrepreneurs, and shares the marke with competitors such as Yoco and Capitec Pay. The company, founded by Matt Putman, Ramsay Daly, and Clive Putman, provides card machines, digital payment solutions, and business tools to SMEs, processing north of R20 billion annually in digital payments and other services. 'This acquisition is a natural evolution of our existing relationship with iKhokha, and we are incredibly excited to welcome iKhokha to our Nedbank family,' said Nedbank Group Managing Executive for Personal and Private Banking, Ciko Thomas. The acquisition will see iKhokha become a fully owned subsidiary of Nedbank, while continuing to operate under its own brand and leadership team. Thomas said the acquisition represented 'a pivotal moment' in their strategy to empower the SME market. 'By combining their innovative technology with our deep banking experience, we will provide small business clients with the best-in-class tools they need to thrive,' said Thomas. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'We believe that empowering entrepreneurs is essential to building a thriving and inclusive economy,' said Nedbank Group CEO Jason Quinn. He said iKhokha's mission and technology aligned 'perfectly' with the bank's aim of digital transformation in the SME sector. 'Together, we will unlock new opportunities for growth and financial inclusion in South Africa and potentially abroad,' said Quinn. The transaction also marked a successful exit for iKhokha's long-standing investors - Apis Partners, Crossfin Holdings, and the International Finance Corporation (IFC). These investors played a big role in supporting the management team in scaling iKhokha's operations and product innovation. 'Their exit reflects the strong performance and strategic value of the business and underscores their confidence in Nedbank's ability to take iKhokha into its next phase of growth.' Crossfin had backed the iKhokha founders from the initial concept to become a uniquely positioned business with an attractive growth profile and much to offer the South African SME market. Crossfin Holdings CEO Dean Sparrow said in a statement: 'We are extremely proud of what has been achieved by the iKhokha team and the fact that we have found a great home for the business, its people, and the SME market it services.' Apis Partners managing partners Matteo Stefanel and Udayan Goyal said they were 'incredibly proud of how far iKhokha has come — from a promising fintech startup to one of South Africa's leading payment providers. Our partnership with Matt and the team has been deeply rewarding, not only in terms of the company's rapid growth but also its powerful impact on thousands of South African SMEs.' They said they were confident iKhokha would continue to scale its aims of driving financial inclusion and empowering entrepreneurs, as it entered its next phase under the ownership of Nedbank. CEO and co-founder of iKhokha, Matt Putman, said joining forces with Nedbank gave them the platform to scale their impact, further accelerate product innovation, and unlock new value for their merchants.
Finextra
6 days ago
- Business
- Finextra
Nedbank to deepen SME support with $94 million acquisition of iKhokha
South Africa's Nedbank is to acquire financial technology company iKhokha in a deal worth $94 million aimed at deepening its support for small and medium-sized enterprises (SMEs). 0 Founded in 2012, iKhokha provides card machines, cash advance and payment and business management tools to SMEs. The company processes north of ZAR20bn annually in digital payments and has distributed more than ZAR3bn in working capital into the SME sector. The transaction, which is expected to conclude in the coming months, will result in iKhokha becoming a wholly owned subsidiary of Nedbank, while continuing to operate under its own brand and leadership team. Jason Quinn, Nedbank CEO, notes: "We believe that empowering entrepreneurs is essential to building a thriving and inclusive economy. iKhokha's mission and technology align perfectly with our vision for digital transformation in the SME sector. Together, we will unlock new opportunities for growth and financial inclusion in South Africa and potentially abroad."
Bloomberg
6 days ago
- Business
- Bloomberg
Nedbank Targets Small South Africa Firms With Ikhokha Purchase
Nedbank Group Ltd. agreed to buy financial technology firm iKhokha to help the South African lender target the growing small-business segment. The Johannesburg-based lender will pay 1.65 billion rand ($94 million) to acquire all of iKhokha, the company said in a statement Wednesday. The transaction is subject to regulatory approvals and is expected to conclude in the coming months, the bank said.
Zawya
08-04-2025
- Business
- Zawya
Visa tap to phone adoption soars: 200% year-over-year growth worldwide
Amman, Jordan – Tap. Pay. Done. This simple, secure, and increasingly mobile action has transformed the shopping experience and unlocked opportunities for small businesses worldwide. Today, Visa announced that Tap to Phone has experienced a 200% increase over the past year , supporting millions of sellers of all sizes. Tap to Phone expanded Visa's tap capabilities with a technology that turns a smartphone into a point-of-sale (POS) device, simply by downloading an app. With nearly 30% of Tap sellers being new small businesses , this technology is helping to democratize access to commerce tools and empower microsellers and SMBs around the world to start accepting contactless payments by using their NFC-enabled smartphones. 'Tap to Phone's is a game changer for small and medium-sized businesses, offering them a secure, cost-effective way to access the digital economy,' said Mario Makary, Vice President and Cluster Manager for Levant at Visa. 'We're constantly innovating to expand our tap capabilities and create the best payments experiences for people and businesses. The significant growth in adoption is a testament to the technology's impact and potential.' Empowering businesses of all sizes From market stalls to major retailers, Tap to Phone empowers businesses of all sizes to accept payments effortlessly, creating a seamless and fast checkout experience for customers. Business owners globally report increased confidence, streamlined operations, and accelerated growth with Visa's Tap to Phone. The growing adoption of Tap to Phone is expected to continue as more businesses recognize its advantages. In Ukraine, where NovaPay has implemented Tap to Phone for its NovaPost courier services, 80% of all digital transactions are now processed through this solution . Similarly, in South Africa, Visa's partner iKhokha is leveraging Tap to Phone to provide businesses with mobile payment acceptance. As a result, iKhokha merchants have seen a 50% growth in the number of Tap to Phone transactions within six months since the launch, with continuous growth observed daily. The Future of Tap This upward trend for Tap to Phone is expected to continue through the next year as more consumers and businesses may begin to recognize the benefits of tap technology and more use cases may hit the market. For example, Tap to Add Card enables users to add eligible credit or debit cards to their digital wallet by simply tapping a card to their phone. Since Tap to Add Card rolled out globally with Apple Pay in September 2024, it has picked up traction and enabled millions of tokens for more than 100 issuers, helping achieve higher authorization rates and fraud reduction rates. Visa cardholders can add their Visa cards to Apple Wallet faster than ever, with no need to manually input card details. Visa has also developed Tap to Confirm, which allows consumers to quickly and securely authenticate a high value transfer. Tap to Confirm will be soon available in CEMEA. About Visa Inc. Visa (NYSE: V) is a world leader in digital payments, facilitating more than 215 billion payments transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, and @Visacemea Media Contact: Asda'a BCW, Amman, Jordan Bailasan Badwan | Al Sharif Mohamed Al Ghaleb | Visa Eman ElGamal
