Capitec Accelerates Payment Innovation by Acquiring Walletdoc
Capitec Accelerates Payment Innovation by Acquiring Walletdoc. Capitec Bank has strengthened its position in South Africa’s fast-evolving financial technology landscape with a binding agreement to acquire 100% of Walletdoc Holdings Proprietary Limited. The transaction, which remains subject to regulatory approvals, marks a significant step in Capitec’s long-term plan to broaden and modernise its digital payments ecosystem for both Business and Personal Banking clients.
Walletdoc, founded in 2015, has built a strong presence as a South African fintech offering scalable payment gateway solutions for merchants of all sizes. The platform provides online and in-app payments, Instant EFT functionality, digital wallet tools, payment links, and real-time payouts. Its product suite is widely used by businesses seeking efficient, secure, and seamless ways to accept digital payments. Capitec’s decision to acquire the company reflects a strategic alignment in their shared focus on client experience, accessibility, and technological innovation.
Capitec CEO Graham Lee said the acquisition supports the bank’s broader vision of creating a more inclusive and competitive payments system within the country. He emphasised the importance of affordability and accessibility in financial services, noting that this transaction moves the bank closer to building a comprehensive, integrated payments network tailored to the needs of millions of South Africans.
Walletdoc CEO Leonard Shenker also highlighted the significance of the agreement. He described Capitec’s banking ecosystem as a strong platform for expanding Walletdoc’s capabilities while unlocking opportunities for further development within the digital payments space. He indicated that the combined resources and expertise would enable faster innovation and extended reach for businesses relying on digital transaction tools.
The acquisition includes a payment structure consisting of an upfront cash amount of R300 million, subject to normal adjustments, and a deferred earn-out of R100 million. The earn-out will be paid over three years and is tied to performance milestones as well as Capitec’s share price.
Looking ahead, Capitec expects the integration of Walletdoc’s technology to support the rollout of a world-class payments ecosystem servicing its 25 million personal and business clients. The bank aims to expand its digital capabilities while maintaining affordability and security as core principles. By bringing Walletdoc into its operations, Capitec positions itself to advance online and mobile payment solutions that reflect the growing demand for efficient, trusted digital services across South Africa’s banking and merchant sectors.
