Araxi’s have shareholders voted and approved its acquisition of 80% of the shares in the Pay@ Group, and the Competition authorities have also approved the transaction, which is expected to close during May.
Pay@ is a payment aggregator, providing bill presentment and collection services for cash, card, electronic funds transfer (EFT), direct bank APIs, vouchers, mobile money and digital wallets.
It is also the largest independent payments processing platform in South Africa, with over 9 000 retailer locations, more than 150 000 mobile point-of-sale (PoS) payment points, millions of app downloads and more than 15 digital payment platforms (banks, telcos, voucher providers, and fintechs).
The company serves a wide range of leading enterprises and SMEs, including pay-TV, money remittance, financing, insurance, and public-sector organisations in South Africa, Namibia, Botswana, Zimbabwe, Eswatini, and Lesotho.
Pay@’s secure, multi-product platform boasts a 99,99% efficacy rate.
Araxi chief executive, Bradley Sacks, says: Pay@’s success to date is evidenced by its processing of more than R60-billion in transaction value over the last 12 months and also reflects its innovative approach to advancing financial inclusion and meeting consumers’ needs wherever they are.
“Innovation remains central to the team’s strategy and enterprise-focused mindset, with a strong emphasis on being an enabler—an approach closely aligned with Araxi’s own philosophy. Together, we are well-positioned to accelerate innovation and deliver a compelling, end-to-end fintech proposition to our clients.
“We are delighted with the strong support shown by shareholders for this transaction. Pay@ is an exceptional business with a highly respected team, strong market presence, and innovative payments platform. We believe this acquisition represents a transformational opportunity for Araxi Group and positions us strongly for future growth.”
Pay@’s service offering is complementary to Araxi’s Payments division. The proposed acquisition is expected to enhance the Araxi Group’s payments capabilities, enabling the combined group to deliver a broader, more competitive, and unique offering to its enterprise clients across South Africa. In addition, the acquisition is expected to unlock significant regional growth opportunities across Africa and other international markets.