Business
South African fintech group Lesaka acquires Bank Zero for $61mn
South African fintech group Lesaka acquires Bank Zero for
About this update from Lesaka Technologies, Inc.
[{"type":"text","content":"Lesaka Technologies (Lesaka), a South African fintech firm has,\nthrough its subsidiary Lesaka Technologies Proprietary Ltd, signed\na deal to acquire a local digital financial services group, Bank\nZero for $61mn.Johannesburg Stock Exchange and Nasdaq-listed Lesaka plans to\nfinance the transaction, which is still subject to regulatory\napproval, through the issuance of 12% shares to Bank Zero\nshareholders and $5.1mn in cash.\n“The acquisition of Bank Zero is a transformative event in\nLesaka’s journey, enabling us to better serve our consumers,\nmerchants and enterprise clients by embedding a trusted,\nwell-engineered neobank capability into our fintech platform. I am\ndelighted to welcome the Bank Zero team to Lesaka as partners,”\nLesaka chairman Ali Mazanderani, commented in a statement on June\n26.\nFounded in 2018, Bank Zero offers an app-driven platform which\nLesaka said in the release, is designed to give individuals and\nbusinesses “greater control, transparency, and cost-efficiency in\nmanaging their money.'\nBy April 30, 2025, Bank Zero had a deposit base of about\n$22.8mn, and more than 40,000 funded accounts across South\nAfrica.\nFollowing completion of the transaction, Bank Zero chairman,\nMichael Jordaan will join the Lesaka board of directors, while the\nfirm's CEO, Yatin Narsai will continue in that position.\n'Our belief in the combined platform’s future is clear and we\nsee strong symmetry in our vision,' said Jordaan.\n'There is a strong international precedent for fintechs that\nhave acquired banking capabilities to deliver more integrated,\ncompliant and capital-efficient financial services. We are\nconfident that the synergies between our digital banking\ninfrastructure and Lesaka’s fintech reach will create sustainable\nvalue for all stakeholders.”© 2025 bne IntelliNews, source Magazine","length":2554,"tagName":"div"}]