Lesaka and Bank Zero Merge Ambitions in Landmark Transaction

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[{"type":"text","content":"JOHANNESBURG, June 26, 2025 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) (“Lesaka” or “the group”) today announced that its wholly-owned subsidiary, Lesaka Technologies Proprietary Limited, has entered into an agreement to acquire (directly and indirectly) 100% of the issued ordinary shares of Bank Zero Mutual Bank (“Bank Zero”). The acquisition consideration will be settled through a combination of newly issued shares - such that the shareholders of Bank Zero will own approximately 12% of Lesaka’s fully diluted shares at the time of completion of the proposed transaction - and up to ZAR 91 million ($5.1 million) in cash. All amounts translated at the closing rate of $1: ZAR 17.75 as of June 25, 2025. The proposed transaction is subject to the satisfaction of customary closing conditions as well as regulatory approvals ordinarily required of a transaction of this nature, including approval from the Prudential Authority, a division of the South African Reserve Bank, Competition Commission approval and Exchange Control approval. Introduction to Bank Zero Bank Zero is a South African digital bank built on modern technology and a zero-fee banking model, offering both retail and commercial banking services to its customers. Founded in 2018, Bank Zero seeks to provide a better banking experience for its customers, offering a secure, app-driven platform designed to give individuals and businesses greater control, transparency, and cost-efficiency in managing their money. As at the end of April 2025, Bank Zero had a deposit base in excess of ZAR 400 million, and more than 40,000 funded accounts across South Africa. Strategic rationale The transaction marks another key milestone in Lesaka’s journey to build a vertically integrated fintech platform. The combination of Bank Zero’s digital banking infrastructure and its operational banking license, together with Lesaka’s fintech and distribution platform, is intended to transform the way Lesaka is able to conduct business in the future, offering key financial, strategic and regulatory benefits, including: (i)better end-to-end servicing of Lesaka’s customer base through a full suite of banking services, (ii)unlocking meaningful synergies and new opportunities for the group, (iii)accelerating product innovation and streamlining operations across Lesaka’s Consumer, Me...

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