Capitec, one of South Africa’s leading retail banks, has announced plans to acquire fintech innovator Walletdoc Holdings in a transaction valued at R400 million. The acquisition underscores Capitec’s strategic push to strengthen its position in the fast-growing digital payments and business banking space.
The deal comprises a purchase price of R300 million, complemented by a deferred earn-out of R100 million. The earn-out is linked to Capitec’s share price performance and contingent on Walletdoc achieving specific milestones over the next three years. Capitec confirmed the agreement in a shareholder notice issued on Monday, 8 December, stating that a binding agreement has been signed.
Founded in 2015, Walletdoc has established itself as a leading South African fintech, offering scalable, innovative payment gateway solutions for merchants. Its product suite includes online and in-app payments, digital wallets, Instant EFT, payment links, and real-time payouts, serving businesses across multiple sectors.
Capitec emphasized the cultural and strategic alignment between the two companies:
Walletdoc’s culture of innovation, efficiency, and client focus is closely aligned with Capitec’s core values. This acquisition is a strategic step in our ongoing commitment to lower the cost of payments, broaden access to digital financial services, and promote financial inclusion in South Africa.
The bank added:
We believe in the power of innovative technology to deliver smart, seamless payment solutions that benefit both merchants and consumers. This acquisition represents an important step toward building a more inclusive and competitive payments ecosystem.
The transaction comes as Capitec intensifies efforts to dominate the business banking segment, particularly targeting small, medium, and micro enterprises (SMMEs). Its Enterprise Payments division, which houses services such as debit order collection, merchant services, and e-commerce solutions, is central to this strategy.
The competitive landscape for enterprise payments in South Africa has grown increasingly dynamic, with major banks like Standard Bank and FNB vying for market share alongside agile fintech players such as Yoco and iKhokha. These challengers have successfully penetrated historically underserved segments, offering accessible payment solutions to SMMEs—a market Capitec is now aggressively pursuing.
