Capitec in R400m deal to acquire fintech Walletdoc

Capitec Bank has entered into a binding agreement to acquire 100% of Walletdoc Holdings Proprietary Limited, subject to regulatory approvals. The move forms part of Capitec’s strategy to enhance its digital payments ecosystem for both Business and Personal Banking clients.

Source: Capitec

Founded in 2015, Walletdoc is a South African fintech providing scalable payment gateway solutions for merchants. Its services include online and in-app payments, digital wallets, Instant EFT, payment links, and real-time payouts. The company’s focus on innovation, efficiency, and client experience aligns closely with Capitec’s vision of a secure, accessible, and affordable payments infrastructure.

Graham Lee, CEO of Capitec, said the acquisition supports the bank’s goal of creating a more inclusive and competitive payments ecosystem. “We are committed to making financial services more accessible and affordable for all South Africans,” he added.

Walletdoc CEO Leonard Shenker welcomed the acquisition, noting the opportunity to integrate into Capitec’s banking ecosystem while leveraging synergies to accelerate growth and innovation in digital payments.

Transaction details

The acquisition consideration comprises:

A cash payment of R300m, subject to customary adjustments
A deferred earn-out of R100m, payable over three years, linked to the Capitec share price and performance milestones

Outlook

Capitec says the acquisition will enable the development of a world-class payments ecosystem for its 25 million personal and business banking clients, enhancing both the accessibility and affordability of digital payments across South Africa. The integration of Walletdoc’s technology and expertise is expected to drive innovation in secure online and mobile payment solutions, further strengthening Capitec’s fintech positioning.