Acquisition of iVeri Marks a New Chapter in African Fintech
iVeri, one of Africa’s pioneering payment technology providers, has been acquired by Jonathan Smit, the founder of Payfast and an accomplished entrepreneur with a background in medicine. This acquisition, the financial details of which remain undisclosed, signifies a potentially transformative moment in the continent’s fintech sector.
Merger of Legacy and Innovation
The combination of iVeri’s nearly 30-year heritage in infrastructure with Smit’s successful track record in expanding one of Africa’s leading online payment gateways could have far-reaching implications for payment solutions across the region. Smit expressed his enduring passion for the payments industry, stating that despite the fluctuations in trends, the fundamental need to move money remains constant. He views this acquisition as a return to his foundational roots in payment technology.
The Legacy of iVeri and Future Ambitions
For decades, iVeri has been regarded as a cornerstone of stability and trust in African payments. Smit aims to build upon this legacy, enhancing it with the agility and advanced technology required to foster the next generation of commerce across the continent. His engineering background positions him well to leverage this opportunity effectively.
Transitioning Leadership for Future Growth
Having founded Payfast (now Network International) in 2007, Smit expanded the company into a major online payment gateway before parting ways with it between 2019 and 2021. Since then, he has diversified his investments, amassing a portfolio of over 30 businesses and funds both locally and internationally. This experience has equipped him with a clearer vision of the evolving payments landscape and the emergent opportunities within it.
Continuity and Confidence Amidst Transition
The acquisition comes at a pivotal moment for iVeri’s founding team, as co-founders Barry Coetzee and Roland Elferink prepare to retire. Their decision to pass the baton to Smit ensures that the company’s ownership, intellectual property, and operations remain rooted in Africa. Coetzee highlighted their two-decade friendship and expressed confidence in Smit’s extensive experience and vision for iVeri’s future.
Integrating Local Expertise in Payment Solutions
What originally drew Smit to iVeri was its capability to handle both online and in-person payments, showcasing the company’s robust presence across multiple channels. iVeri has steadily built a significant footprint that rivals more prominent competitors, proving that its infrastructure is vital for processing transactions throughout various African nations.
Commitment to Local Autonomy and Innovation
In today’s geopolitical climate, the importance of local control over financial data and infrastructure cannot be overstated. Smit emphasized the necessity of keeping teams, intellectual property, and operational costs local to better engage with and understand the markets served. He affirmed that while reliability is paramount, stability can drive innovation. His vision involves creating world-class teams and empowering leaders to explore responsible innovations. With iVeri’s rich history in payments technology since its founding in 1998, the company has been integral to Africa’s digital economy, processing billions in transactions annually across more than ten countries.
