South African Fintech Lesaka Acquires Bank Zero for $61.4M
- Lesaka Technologies agrees to acquire Bank Zero for ZAR 1.091 billion ($61.4 million).
- The acquisition will be funded through ~12% of Lesaka's fully diluted shares and up to ZAR 91 million ($5.1 million) in cash.
- The deal requires approval from South Africa’s Prudential Authority, Competition Commission, and Exchange Control.
The acquisition of Bank Zero by Lesaka Technologies represents a significant step forward in the South African fintech landscape. This merger not only enhances Lesaka's service offerings but also reflects a broader trend of consolidation in the fintech sector, which could lead to increased competition and innovation. Stakeholders should monitor the regulatory approval process closely, as it will be crucial for the successful integration of these two entities.
