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 in the evolution of fintech in South Africa. This strategic move not only enhances Lesaka's service offerings but also positions the company to better compete in a rapidly growing market. It will be interesting to observe how this merger impacts customer experience and innovation in the sector.
