R400 Million Deal: Capitec Acquires Walletdoc to Simplify Online and In-App Payments
This acquisition marks a significant milestone in Capitec’s strategy to offer leading secure payment acceptance to Capitec Business clients and simpler, more affordable e-commerce solutions to Capitec Personal Banking clients.
Capitec announced that it has entered into a binding agreement to acquire 100% of Walletdoc Holdings Proprietary Limited (“Walletdoc Holdings”), subject to regulatory approvals. This acquisition marks a significant milestone in Capitec’s strategy to offer leading secure payment acceptance to Capitec Business clients and simpler, more affordable e-commerce solutions to Capitec Personal Banking clients.
Walletdoc, established in 2015, is a South African fintech providing scalable, innovative payment gateway solutions for merchants, including online and in-app payments, digital wallets, Instant EFT, payment links, and real-time payouts. Walletdoc’s culture of innovation, efficiency, and client focus is closely aligned with Capitec’s core values.
“Capitec believes in the power of innovative technology to deliver smart, seamless payment solutions that benefit both merchants and clients. We are committed to making financial services more accessible and affordable for all South Africans, and we see this acquisition as an important step in building a more inclusive and competitive payments ecosystem.”
– Graham Lee, CEO, Capitec
“We are excited by the opportunity that this presents to our company to become a part of the Capitec Group and to contribute to their banking ecosystem. Our leadership team is enthusiastic about the synergies and growth opportunities that this acquisition will bring.”
– Leonard Shenker, CEO, Walletdoc
The purchase consideration comprises a cash payment of R300 million (subject to customary adjustments upon conclusion of the transaction) and a deferred earn-out of R100 million, linked to the Capitec share price and payable in cash over three years, subject to the achievement of certain milestones over that period.
“Our purpose remains to make a meaningful difference in the financial lives of our clients, and to help South Africa grow. This is an important step in our journey, and we are excited to develop a world-class payments ecosystem over the next couple of years along with our 25 million personal and business banking clients.”
– Graham Lee, CEO, Capitec
