Capitec Bank has announced a major step in expanding its digital ecosystem with the acquisition of payment-gateway fintech Walletdoc in a deal worth up to R400 million.
The move marks one of Capitec’s most significant pushes into the business-payments market, strengthening its capabilities in online transactions, instant EFTs, digital wallets and merchant tools.
Under the terms of the agreement, Capitec will pay R300 million upfront, with a potential additional R100 million payable over the next three years depending on Walletdoc’s performance milestones.
A Strategic Push Into SME and Merchant Payments
The acquisition strengthens Capitec’s ambition to grow beyond its traditional retail-banking base and take a larger share of South Africa’s fast-growing digital payments sector.
Capitec CEO Gerrie Fourie described the acquisition as a natural extension of the bank’s digital-first strategy.
“Walletdoc brings powerful payment technology and a culture of innovation that aligns perfectly with where we are heading,” Fourie said.
“We want to make business payments as seamless and affordable as possible, and this acquisition positions us to do exactly that.”
Walletdoc already provides a full suite of digital payment solutions — including online card payments, QR payments, instant EFTs, billing automation and real-time payouts. Its platform is widely used by SMEs, billers, e-commerce stores and service providers.
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Why Walletdoc?
According to Capitec, building similar payment-gateway infrastructure internally would have required years of development and regulatory approvals. Buying a proven, scalable system accelerates Capitec’s entry into new verticals at a time when demand for digital payments is surging.
Industry analysts say the move mirrors a broader trend: banks consolidating fintech capabilities to stay competitive in a rapidly evolving digital landscape.
Walletdoc Founders Welcome the Deal
Walletdoc’s co-founders, Warren Venter and David van Biljon, said the acquisition places the company’s technology in the hands of a bank with unmatched national reach.
In a joint statement, the founders said:
“Partnering with Capitec allows us to scale our solutions far faster than we could on our own. Capitec’s focus on innovation and simplicity matches the DNA of Walletdoc.”
“We’re excited to see our technology rolled out to millions more South Africans and to businesses that need affordable, modern payment options.”
A Boost for SMEs and E-Commerce
Capitec says the integration of Walletdoc into its business banking ecosystem will allow SMEs to:
- Accept payments online without expensive hardware
- Send payment links instantly
- Automate invoicing and billing
- Reduce transaction costs
- Access faster settlements
Fourie emphasized that small businesses stand to benefit the most from this move.
“If South Africa’s small businesses thrive, our economy thrives. Payments shouldn’t be a barrier to growth — and this acquisition helps break down those barriers,” he said.
A Sign of More Fintech Consolidation Ahead
The deal underscores increasing competition among banks to secure fintech capabilities that let them offer end-to-end digital services. With more consumers shifting to mobile banking, online commerce and real-time payments, controlling the underlying payment infrastructure has become strategically essential.
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For Capitec, the Walletdoc acquisition could be a turning point that positions the bank as a more serious competitor in the merchant-services and SME-banking market — areas long dominated by larger rivals.
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