iVeri Acquired by Payfast Founder in Strategic Move for Africa’s Fintech Sector
iVeri, one of Africa’s pioneering payment technology providers, has been acquired by Jonathan Smit, the founder of Payfast and a notable figure in the fintech landscape. This acquisition marks a significant development in the region’s payment technology ecosystem.
Strengthening the Foundation of African Payments
The deal, the financial details of which remain undisclosed, merges iVeri’s impressive 30-year legacy with Smit’s extensive experience scaling one of Africa’s foremost payment gateways. Smit expressed his enthusiasm for the acquisition, emphasizing the timeless nature of payment infrastructure: “I’m always drawn to payments because it’s essentially infrastructure. Trends come and go, but the need to move money never changes. That’s exactly where I want to be.”
Building on a Legacy of Stability
For decades, iVeri has been regarded as “Africa’s payment blue-chip,” synonymous with stability and trust. Smit aims to leverage this esteemed reputation, enhancing its reliability with the swift and advanced technology crucial for the next generation of African commerce. “My goal now is to build on that legacy and strengthen it,” he remarked.
A Vision Rooted in Experience
Jonathan Smit, an engineer by training, founded Payfast in 2007, later rebranding it as Network International. Over the course of 15 years, he transformed it into one of South Africa’s leading online payment gateways before exiting between 2019 and 2021. His journey since then, encompassing diverse investments across both private and public sectors, has deepened his understanding of the evolving payments industry and emerging opportunities.
A Strategic Transition for iVeri
The acquisition coincides with a natural transition point for iVeri’s founding team, who are moving toward retirement. Co-founders Barry Coetzee and Roland Elferink have committed to a succession strategy that ensures the company’s ownership, intellectual property, and operations remain firmly entrenched in Africa.
Confidence in Continuity and Growth
Barry Coetzee commented on his long-standing relationship with Smit, stating that their history instilled confidence in this transition. “Jonathan’s extensive experience in payments, coupled with his deep understanding of the African market, made him the ideal choice. We take pride in the growth of this business and are optimistic about its future under his leadership,” Coetzee noted.
Expanding iVeri’s Robust Infrastructure
Smit was particularly drawn to iVeri’s dual capability to handle both online and in-person payments. While fintech innovation is often predominantly linked to digital channels, iVeri has established a significant footprint across both sectors, supporting online transactions and managing a terminal fleet that competes with some of the industry giants. This infrastructure spans multiple African nations, offering a unique opportunity for local ownership and oversight in a rapidly evolving sector.
Local Autonomy and Innovation
In today’s geopolitical climate, Smit emphasized the increasing importance of having autonomy over data and financial infrastructure. He believes that maintaining local teams, intellectual property, and operational bases allows for a deeper understanding of various markets and their specific dynamics. “Reliability and consistency are non-negotiable, and we will work diligently to ensure these values remain intact,” he assured. Smit plans to foster an innovative environment, encouraging strong leaders to explore new ideas while maintaining the foundational stability of iVeri. Since its inception in 1998, iVeri has played a pioneering role in shaping Africa’s payments technology, facilitating billions in annual transactions for tens of thousands of merchants across more than ten countries.
