Breaking NewsGlobal Beehive

Alternative payments provider SwitchPay acquired by SA fintech startup Adumo

SwitchPay, a supplier of alternative payment alternatives for consumers in-store and online, has been purchased by Adumo, a South African fintech firm, for an unknown fee.

Adumo is South Africa’s largest independent payments processor, with over 50,000 active clients that include multinational and independent shops, as well as entrepreneurs and informal merchants. Sureswipe, iKhokha, Humble, Innervation Pan African Payment Solutions, and Innervation Rewards are among the firms that make up the group.

Adumo secured ZAR 225 million (US $5 million) from IFC, a member of the World Bank Group, and the IFC Financial Institutions Growth Fund in March, according to reports.

SwitchPay, a payments platform that gives merchants with access to a digital platform to provide their consumers various payment ways both in-store and online, such as purpose-based loans, tailored subscription models, and lay-by, has recently been bought by the firm. Through API connection, the company’s platform supports third-party payment solutions, and its credit-related products combine several credit sources, including banks and other fintechs.

The purchase, according to Adumo CEO Paul Kent, comes at a time when consumer interest in alternative payment choices is at an all-time high.

“The impact of the pandemic and the rise of new, more convenient and value-adding payment options is revolutionising how South Africans purchase goods and services. The team at SwitchPay has built a world-class suite of alternative payment solutions that brings new forms of value to consumers and retailers alike. We look forward to working with the team as we bring convenient new payments within reach of all South Africans,” he said.

SwitchPay CEO Justin Hawkins expressed his pride in having created a cutting-edge digital platform that has grabbed Adumo’s attention.

“We now have an established partner in payments that we can learn from whilst leveraging one another to unlock growth opportunities. This investment allows us to shift our focus to scaling the business through delivering on our core purpose of growing our merchant partners by providing their customers access to affordable and responsible financing products,” he said.

 

 

SHARE

Related Articles

Back to top button