Capitec Bank has entered into a binding agreement to acquire 100 percent of Walletdoc Holdings, a South African fintech firm known for its modern payment gateway solutions.
The acquisition includes an initial cash payment of R300 million and a potential R100 million earn-out paid over three years. The earn-out is tied to performance milestones and the Capitec share price.
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Why Capitec Is Buying Walletdoc
Walletdoc offers online and in-app payments, digital wallets, payment links, Instant EFT and real-time payouts. Its platform is built for scale, automation and efficiency.
Capitec plans to integrate Walletdoc’s technology into its business banking and personal banking products. This is part of a broader strategy to deliver simpler, lower cost, and more accessible digital financial services to its 25 million clients.
Graham Lee, CEO of Capitec, said the deal strengthens the bank’s goal of building a competitive payments ecosystem that benefits both merchants and consumers. He emphasized that technology and innovation remain central to the bank’s long term strategy.
Walletdoc CEO Leonard Shenker said the team is excited about joining Capitec and exploring growth opportunities within the bank’s ecosystem. The company believes the partnership will help accelerate innovation in South Africa’s digital payments space.
Lee noted that the acquisition is part of Capitec’s purpose to support financial inclusion and economic growth. The bank plans to invest further to create a world-class payments ecosystem within the next few years.
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