Lesaka Acquires South African Fintech Firm Adumo for $85.9 Million
- Adumo, South Africa's largest independent payments processor, has been acquired by Lesaka for ZAR1.59 billion (US$85.9 million).
- Adumo has been on an acquisition spree, purchasing SwitchPay, WireCard, GAAP, SureSwipe, iKhokha, and other smaller payment startups.
- Lesaka will pay the purchase price in cash and by issuing shares of Lesaka common stock to Adumo's current ultimate owners.
The acquisition of Adumo by Lesaka is a strategic move that strengthens Lesaka's position in the fintech industry in Southern Africa. With the acquisition, Lesaka gains access to Adumo's large customer base and payment technologies, enhancing its value proposition. This acquisition also solidifies Lesaka's role as a leading consolidator in the fintech market.
