Apis and Crossfin-led Consortium Announces the Acquisition of Sureswipe and the Formation of the Leading Independent Card-Acquiring Company in South Africa
- A consortium led by Apis Growth Fund I, a private equity fund managed by Apis Partners LLP, and Crossfin Technology Holdings, a fintech investment company announced today the acquisition of Sureswipe (Pty) Limited and the formation of Crossfin Transaction Solutions, South Africa’s largest independent payments and merchant acquiring solutions platform
- The acquisition of Sureswipe complements existing payments companies under the CTS platform and establishes the largest independent merchant acquirer in South Africa with over 25,000 active clients, 50,000 active card machines over US$ 5 billion in transaction value processed
- CTS is committed to delivering a comprehensive suite of payments and value-added service solutions to a broad spectrum of merchants operating across South Africa
Johannesburg – 28 May 2019 – Apis Growth Fund I (“Fund”), a private equity fund managed by Apis Partners LLP (“Apis”), and Crossfin Technology Holdings, a fintech investment company, announced today the acquisition of Sureswipe (Pty) Ltd (“Sureswipe”) and the formation of Crossfin Transactional Solutions (“CTS”), South Africa’s largest independent payments and merchant acquiring solutions platform. The Apis and Crossfin-led consortium brings together three premium South African Payment Service Providers (PSPs) under CTS. These are Innervation Pan African Payments, Emerge Mobile under the brand iKhokha and Sureswipe.
CTS has the scale and the depth to provide payment solutions to a broad spectrum of South African retailers, from micro-merchants and informal traders through to larger retailers and franchises. Furthermore, CTS provides merchants with a range of ancillary products to help their businesses thrive, including: automated lending solutions tailored to the cash flow requirements of their businesses; bespoke loyalty solutions to drive customer engagement; and a comprehensive suite of value-added services designed to increase cross-sell opportunities into existing customers.
Sureswipe’s Managing Director, Paul Kent, says, “Although the three strong brands have been consolidated under one entity, they will continue to operate independently within their distinctive markets. We believe each provides a distinctive client solution, but that by layering a common shared services platform across the three businesses CTS will provide merchants a “one-stop shop” to help them grow their business.”
Several studies have found that cash is the enemy of financial inclusion and of the poor. Too many South Africans still need to trade off the demands of an hourly job with the need to travel long distances to access cash, or stand in line to pay a bill. These studies further reveal that low-income earners – 46 percent of whom are banked – tend to use cash as a result of very limited card acceptance at micro-merchants, particularly in rural and peri-urban communities where there is no alternative to cash.
“If we are to accelerate the migration of South African consumers to a cashless and financially inclusive society, the payments industry must focus on improving accessibility to payment