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SA fintech company, Adumo acquires SwitchPay

Servicing over 50,000 active clients and 90,000 active card machines, Adumo processes more than $5 billion in transaction value across thirteen African countries

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Paul Kent, CEO, Adumo
Paul Kent, CEO, Adumo

South African fintech startup, Adumo, has acquired SwitchPay, another SA-based fintech startup focused on delivering alternative payment services to merchants and retailers, for an undisclosed amount.

Servicing over 50,000 active clients and 90,000 active card machines, Adumo processes more than $5 billion in transaction value across thirteen African countries.

On the other hand, SwitchPay is a fintech company that provides a digital platform for retailers to offer customers, alternative payment methods both in-store and online, including purpose-based lending, customised subscription models, and lay-by. 

The company’s platform supports third-party payment products through API integration, and its credit-related products aggregate multiple credit providers, including banks and other fintech.

Paul Kent, CEO, Adumo, highlighted the impact of the pandemic and the rise of new, more convenient and value-adding payment options, to be revolutionising the ways South Africans purchase goods and services.

Connecting that to the acquisition, he said:

The team at SwitchPay has built a world-class suite of alternative payment solutions that brings new forms of value to consumers and retailers alike. We look forward to working with the team as we bring convenient new payments within reach of all South Africans.”

“We are proud to have built an innovative digital platform that has attracted this investment from Adumo. We now have an established partner in payments that we can learn from whilst leveraging one another to unlock growth opportunities.”

Justin Hawkins, CEO at SwitchPay, said the investment allows the company direct its focus to scaling the business through delivering on its core purpose, which is growing the company’s merchant partners by providing customers with access to affordable and responsible financing products.

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​Joan Aimuengheuwa is a content writer who takes keen interest in the scopes of innovation among African startups. She thrives at meeting targets and expectations. Contact: [email protected]

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