Standard Bank has acquired a majority stake in Firepay - the company behind SA's mobile payments product, SnapScan - for an undisclosed sum.
Firepay was formed in 2013, applying new mobile payments technology to build innovative products. In 2014, Firepay, in partnership with Standard Bank, launched SnapScan to allow customers to pay for goods and services using only their mobile phone. Just two years later, SnapScan is now used by hundreds of thousands of customers in SA, and has a national network of more than 32 000 physical and online merchants.
Lincoln Mali, Standard Bank SA's head of card and payments, says the acquisition shows Standard Bank's commitment to innovation and working with industry-leading fintech companies to bring relevant solutions to customers.
SnapScan will continue operations as normal, with the Firepay team staying on board to grow the product.
In addition to SnapScan, the Firepay team's technology platform already enables payments for several clients, including WeChat and Masterpass. The company says it will continue to develop and expand its offering to provide a range of product development and payments services.
"Our team is looking forward to building out our payments platform to solve the real-world payments problems we have always focused on, and to provide customers with the best experience possible. We're excited to work with Standard Bank in our mission to achieve this both in South Africa and across the continent," says Firepay CEO Kobus Ehlers.
Wendy Pienaar, Standard Bank SA's head of emerging payments, says Firepay's experienced team and industry know-how will be used to bolster the bank's emerging payments strategy.
"We are excited about working more closely with the Firepay team and think there is an excellent strategic fit between their capabilities and Standard Bank's vision for a truly universal bank, both in South Africa and throughout the African continent," she says.
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