Capitec Bank has signed a binding agreement to acquire 100% of Walletdoc Holdings, pending regulatory approvals.
The acquisition is part of its strategy to offer more accessible and affordable digital payment solutions to its clients.
Walletdoc, a South African fintech founded in 2015, provides scalable payment gateway solutions including online and in-app payments, digital wallets, Instant EFT, payment links, and real-time payouts. The company has earned a reputation for innovation, efficiency, and a client-centric approach, aligning closely with Capitec’s values.
Leonard Shenker, CEO of Walletdoc, said the acquisition would allow the fintech to scale its offerings across a wider market. “With Capitec’s scale, digital leadership, and commitment to innovation, we’re excited to bring our solutions to a broader market and deliver the next generation of payment experiences to consumers and businesses across South Africa,” Shenker said.
Capitec CEO Graham Lee said the acquisition reinforces the bank’s commitment to financial inclusion. “We believe in the power of innovative technology to deliver smart, seamless payment solutions that benefit both merchants and clients. This is an important step in building a more inclusive and competitive payments ecosystem,” Lee said.
Capitec will pay R300 million (~USD 17.6 million) in upfront cash and a deferred earn‑out of R100 million (~USD 5.9 million) payable in cash over three years, linked to performance milestones, valuing the transaction at approximately R400 million (~USD 23.5 million) in total consideration.
Lee added, “Our purpose remains to make a meaningful difference in the financial lives of our clients, and to help South Africa grow. We are excited to develop a world-class payments ecosystem along with our 25 million personal and business banking clients.”