Tech in Africa
Crossfin Technologies an SA fintech holding company has announced the sale of WireCard SA to Adumo RF Pty Ltd in an undisclosed sum. To put this into context, Wirecard SA is a fully owned subsidiary of Wirecard Technologies – a German payment processor and financial services provider that went into insolvency in 2020. The German parent company filed for insolvency after financial irregularities were revealed by the Financial Times last year. At that point, the parent technology company considered filing insolvency applications for its subsidiaries.
Fintech Wirecard SA is an e-commerce and payments technology company that has its own independent technology conforming to local banking infrastructure and South African regulatory guidelines.
Wirecard South Africa was once the leading e-commerce payment processor across the region. It maintains its independent technology platform that is highly adapted to local banking and South Africa and other sub-Saharan regulatory guidelines. Wirecard South Africa had attracted interest from local, regional, and international players.9
Adumo Group which now holds the company also has several other top players in its portfolio such as Innervation Pan African Payments, Sureswipe, and iKhoka. The acquisition of Wirecard SA will see Adumo Group consolidate its leading position in Africa’s fintech ecosystem.
Dr. Michael Jaffe, the insolvency administrator expressed pleasure in their ability to sell Wirecard SA while maintaining normal business operations.
