Payment24 has significantly expanded operations and acquired several new logo clients as it diversifies its business beyond a provider of solutions for the fuel industry and banks only.
In support, the company has also announced the significant global expansion of its operations into North America and Europe and ongoing product innovation with the launch of Cloud Switch, the expansion of its loyalty platform, the inclusion of artificial intelligence (AI) across its products, and a bold move into the electric vehicles (EV) space.
The organisation’s geographical reach has expanded considerably, and Payment24 has a deployment presence in five continents in close to 17 countries. According to its executive team, following on its success in Africa and Latin America region, its sights are set on Europe and North America, and in 2022 the company opened its doors in Boston.
Based on the growing interest and demand for its solutions, a platform specifically tailored to the North American market will be released in the next six months. Further, it has extended its reach in Europe with the investment in a business based in Geneva, Switzerland, from which it will serve the needs of the European market.
Since its launch, Payment24 has become one of the largest private label refuelling networks in South Africa and neighbouring countries, and is on target to facilitate the payments of more than half of the fuel stations in the country. This is alongside an network supporting cross-border refuelling in hundreds of locations across over 10 African countries.
Based on its growing footprint, it is now also one of the largest fuel loyalty providers in the country. This follows a growing retail loyalty footprint, which with the recent inclusion of click-and-collect and mobile payment modules to its platform, is experiencing growth across a diverse retail market.
Payment24 has streamlined its offerings into industry-specific solutions catering to six core industries, including banking, oil, retail, convenience, transport, and logistics.
According to Shadab Rahil, CEO of Payment24, the company’s renewed focus and categorisation of its offerings provides a clear direction of where it can assist customers while helping them better understand how the platform supports their business.
“We have experienced exceptional growth over the past three years and continue to enjoy significant success in the banking and oil industries,” says Rahil. “Since the expansion of our platform and the modules we provide, we have made notable inroads into the retail, payments acquiring, and fleet management space, having secured several new customers in these sectors over the last two years. To support this growth, we have more than doubled our headcount in the last two years, and because more than 50% of our business comes from outside the South African borders, 33% of our team is now based outside of the country.
“As an R&D company, Payment24 invests heavily in our development teams, which is quickly being matched by a growing support team, especially in Central America, as demand mounts for localised support in each country we operate,” adds Rahil.