Kenya’s DPO Group, a payment service provider (PSP), has announced its acquisition of one of South Africa’s biggest payment processors, PayFast.
The PayFast management team will remain major shareholders in the DPO Group as the deal has been concluded through a mix of cash and shares. The DPO Group is now able to provide services to more than 100, 000 businesses across 18 African markets following the acquisition of PayFast.
PayFast provides shopping cart integrations services in Africa and also offers her clients a viable and more secure alternative for online payments with her instant electronic funds transfer (ETF).
Following the incorporation of PayFast into DPO Group’s services, the range of payment options available to businesses working with DPO Groups is likely to increase while a more Pan-African solution is provided for existing customers of PayFast. The acquisition of PayFast by DPO group enables businesses who use the services of the DPO Group and PayFast to access them on the same platform. This integration improves the group’s ability to reach beyond Africa and conduct business on a wider platform.
According to the Chairman and co-founder of DPO Group, Mr. Offer Gat; “PayFast is a natural fit for DPO Group and this deal strategically follows our acquisition of PayGate, VCS, Paythruand SiD since 2016.”
“PayFast’s deep experience of payment processing and facilitation in South Africa complements and expands the services we can offer our business customers via the most diversified and robust suite of online payment options available in Africa,” says Eran Feinstein, CEO and co-founder of the DPO Group.
Apis Growth Fund I, a Private Equity fund management by Apispartners LLP invested in the DPO Group in 2016. The Apis fund often equips financial sector innovations domiciled in Africa or Asia. The Apis fund has given its backing to this project and aims to carry on support for the expansion of the DPO Group across Africa. This expansion includes efforts to increase the customer base and procure more technology for the DPO Group.
The managing director and co-founder of PayFast, Jonathan Smith states; “Integrating our processing and facilitation capability with the range of online payment services offered by DPO and its huge geographical reach across 18 countries in Africa is an extremely exciting opportunity for both companies.”
Currently, over 55, 000 South African businesses are enabled by PayFast to make payments and improve their businesses through chances made available in eCommerce.
The DPO Group aspires to help African Businesses improve their dealings by offering a variety of payment services and providing all the necessary tools to initiate and receive payments within Africa and beyond.
