South African fintech group Lesaka acquires Bank Zero for $61mn | MarketScreener Canada

Published 10 hours ago• 2 minute read

Published on 2025-07-03 at 05:55

Lesaka Technologies (Lesaka), a South African fintech firm has, through its subsidiary Lesaka Technologies Proprietary Ltd, signed a deal to acquire a local digital financial services group, Bank Zero for $61mn.

Johannesburg Stock Exchange and Nasdaq-listed Lesaka plans to finance the transaction, which is still subject to regulatory approval, through the issuance of 12% shares to Bank Zero shareholders and $5.1mn in cash.

“The acquisition of Bank Zero is a transformative event in Lesaka’s journey, enabling us to better serve our consumers, merchants and enterprise clients by embedding a trusted, well-engineered neobank capability into our fintech platform. I am delighted to welcome the Bank Zero team to Lesaka as partners,” Lesaka chairman Ali Mazanderani, commented in a statement on June 26.

Founded in 2018, Bank Zero offers an app-driven platform which Lesaka said in the release, is designed to give individuals and businesses “greater control, transparency, and cost-efficiency in managing their money.'

By April 30, 2025, Bank Zero had a deposit base of about $22.8mn, and more than 40,000 funded accounts across South Africa.

Following completion of the transaction, Bank Zero chairman, Michael Jordaan will join the Lesaka board of directors, while the firm's CEO, Yatin Narsai will continue in that position.

'Our belief in the combined platform’s future is clear and we see strong symmetry in our vision,' said Jordaan.

'There is a strong international precedent for fintechs that have acquired banking capabilities to deliver more integrated, compliant and capital-efficient financial services. We are confident that the synergies between our digital banking infrastructure and Lesaka’s fintech reach will create sustainable value for all stakeholders.”

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