Nedbank strengthens SME support with full iKhokha acquisition
Nedbank has acquired 100% of one of South Africa’s most successful fintech companies, iKhokha, as part of its program to support small and medium-sized enterprises (SMEs) through digital innovation and inclusive financial services.
The purchase of the thriving startup will cost Nedbank 1.65 billion rand ($92.4 million). The funds will go to iKhokha’s early investors — Apis Partners, Crossfin Holdings, and the International Finance Corporation.
As a result of this acquisition, iKhokha will become a wholly owned subsidiary of Nedbank, while continuing to operate under its brand and management.
Founded in 2012 by Matt Putman, Ramsey Daly, and Clive Putman, iKhokha manufactures card terminals and provides loans to small businesses. The company processes over 20 billion rand in digital payments annually and has distributed more than 3 billion rand in working capital to the SME sector.
New investment while retaining management
Early investors are confident that Nedbank will help the brand in its next growth phase.
“This acquisition is a natural progression of our existing relationship with iKhokha, and we are incredibly excited to welcome iKhokha to the Nedbank family,” said Ciko Thomas, Managing Executive for Nedbank’s Retail and Business Banking.
The deal is subject to standard regulatory approvals and is expected to close in the coming months.
As we wrote, South Africa strengthens role as Sub-Saharan tech and cloud hub
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