South African fintech startup Adumo recently announced that it has acquired the alternative payments fintech company SwitchPay for an undisclosed amount and will scale Adumo’s business offerings, according to media reports. SwitchPay provides retailers with a digital platform to give their customers alternative in-store and online payment methods, including purpose-based lending, and customized subscriptions models.
The company’s payments platform also accepts third party payments with the help of API integration and the company’s credit-related products aggregate multiple credit providers such as banks and fintechs. Currently, Adumo boasts over 50,000 active clients and 90,000 active card machines that process payments in excess of R80 billion in transaction value in 13 African countries.
The company also has multiple companies within its growth structure such as Sureswipe, iKhokha, Adumo Online, Humble Till, Innervation Pan African Payments, Innervation Rewards, GAAP, and now SwitchPay.
Paul Kent, CEO of Adumo told the media, “The impact of the pandemic and the rise of new, more convenient and value-adding payment options is revolutionising how South Africans purchase goods and services. 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 now have an established partner in payments that we can learn from whilst leveraging one another to unlock growth opportunities. This investment allows us to shift our focus to scaling the business through delivering on our core purpose of growing our merchant partners by providing their customers access to affordable and responsible financing products.”