South African fintech group Adumo has finalized the acquisition of SwitchPay, a fintech firm that provides alternative payment solutions for consumers both in-store and online. The monetary terms of the deal were not made public.
Adumo is renowned as South Africa’s largest independent payments processor, availing a range of innovative payment offerings to over 50,000 active clients. This also includes large, multinational and independent retailers as well as entrepreneurs and informal traders. Its group companies include Sureswipe, iKhokha, Humble, Innervation Pan African Payment Solutions and Innervation Rewards.
Disrupt Africa announced in an earlier post that in March Adumo raised ZAR225 million (US$15 million) from IFC, a member of the World Bank Group, and the IFC Financial Institutions Growth Fund to expand access to electronic payment solutions, especially for underbanked small and medium-sized enterprises.
The company has now assumed full ownership of South African SwitchPay, a payments platform that makes it possible for retailers with access to a digital platform to offer their customers alternative payment methods both in-store and online.
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