A $60M Shake-Up in South African Digital Banking
Hey Digital Banking Fanatic!
Lesaka has just received approval from the Competition Commission to proceed with the takeover of Bank Zero, a deal they have been working on since July.
The South African FinTech has sealed a $60 million deal that includes a mix of shares and cash, with Bank Zero shareholders retaining a 12% stake in Lesaka.
Now, Lesaka gains a ready-built platform and customer base to fuel its ambitions of becoming a vertically integrated powerhouse.
As part of the agreement, executive chairman for Bank Zero, Michael Jordaan, will join the Lesaka board, while co-founder Yatin Narsai will take a leadership role on the team.
Ali Mazanderani, Lesaka’s chairman, called the acquisition “ a transformative event.”
Kicking off a renewed chapter for an innovative South African digital bank, the takeover signals progress in the national FinTech arena.
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NEWS
🇿🇦 South African FinTech plots major takeover of Michael Jordaan's Bank Zero in $60m deal. Lesaka Technologies has received approval from the Competition Commission to acquire Bank Zero. The $60 million deal includes a mix of shares and cash, with Bank Zero shareholders retaining a 12% stake in Lesaka.
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