Lesaka Acquires Bank Zero in $62M Deal to Bolster SA FinTech Ambitions
Hey FinTech Fanatics!
South African FinTech firm Lesaka Technologies is making a bold move to solidify its digital banking footprint with the R1.1 billion (~$62M) acquisition of Bank Zero, a digital-only mutual bank.
The all-equity-and-cash deal, still subject to regulatory approvals, will see Lesaka acquire 100% of Bank Zero’s issued shares. In return, Bank Zero shareholders will receive 12% of Lesaka’s diluted shares and up to $5.1M in cash.
Launched in 2018, Bank Zero brings over 40,000 funded accounts and a deposit base of ZAR400 million. What Lesaka gains isn’t just a license, it’s a ready-built platform and customer base to fuel its ambitions of becoming a vertically integrated FinTech powerhouse.
The leadership at Bank Zero isn’t going anywhere, at least for now. Executive Chairman Michael Jordaan and CEO Yatin Narsai will stay on through the transition.
“This transaction reflects a strategic partnership underpinned by long-term alignment… Our belief in the combined platform’s future is clear,” said Jordaan.
For Lesaka, this is about more than just a bank; it’s about accelerating its FinTech vision by integrating banking capabilities directly into its technology stack.
Lesaka Chairman Ali Mazanderani called the acquisition a “transformative event”, one that accelerates the company's strategy to serve South Africa’s underbanked population with modern, digital financial tools.
With both parties aligned on vision and leadership continuity, this deal marks a milestone moment for South African FinTech and a signal that banking and FinTech aren’t just converging, they’re merging.
Read more global FinTech industry updates below 👇 and I'll be back with more tomorrow!
Cheers,
#FINTECHREPORT
🇬🇧 UK Payments & FinTech Report 2025.
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