Transaction Capital acquired the company in 2006. Paycorp owns and manages bank branded ATMs and is also a non-bank card issuer and provider of card acceptance services to retail merchants. Managing 5,000 ATMs, its partner banks include Absa, Standard Bank, Nedbank and Bank Windhoek.
Actis’s investment in Paycorp will be its fifth in the payments industry in three years.
Natalie Kolbe, partner in Actis’ Johannesburg office said, “As a South African I have seen first-hand the country’s need for this type of critical social infrastructure, which can help boost financial inclusion. Paycorp provides broader access to transactional services for the under-banked population and we look forward to extending that even further with the business.”
Only 60 per cent of the South African adult population is formally banked and 90 per centof transactions are conducted in cash. Investing in this infrastructure and rolling out more ATMs will significantly improve financial inclusion by making it easier for customers to access their money.
“Paycorp is backed by a proven, highly entrepreneurial management team, led by the founder Steven Kark, who is investing alongside Actis, ensuring management continuity,” added Kolbe.
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