Standard Bank buys SnapScan maker, Firepay

SauRoNZA said:
Not according to this article.
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The article says they launched it together.

"In 2014 Firepay, in partnership with Standard Bank, launched SnapScan to allow customers to pay for goods and services using only their mobile phone."
 
BrandonH said:
As far as I know SBSA and Firepay started Snapscan together, with SBSA owning the majority share.
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FirePay was the owner, they had to partner with a bank for the purposes of acquiring transactions (just how the NPS works in this country), and went with Standard Bank at the time.
 
faniedry said:
FirePay was the owner, they had to partner with a bank for the purposes of acquiring transactions (just how the NPS works in this country), and went with Standard Bank at the time.
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This is where I got my info from - a 2014 fin24 article.

http://www.fin24.com/Tech/News/Mobile-payment-evolution-picks-up-speed-20140714

SnapScan (owned by Standard Bank), Zapper and FlickPay are leading the retail and restaurant mobile payment sector. They all require merchandisers and customers to sign up to their app, but the rewards are great for both parties. They all use QR codes and require smartphone scan technology to link customer to retailer and purchase.
 
BrandonH said:
This is where I got my info from - a 2014 fin24 article.

http://www.fin24.com/Tech/News/Mobile-payment-evolution-picks-up-speed-20140714

SnapScan (owned by Standard Bank), Zapper and FlickPay are leading the retail and restaurant mobile payment sector. They all require merchandisers and customers to sign up to their app, but the rewards are great for both parties. They all use QR codes and require smartphone scan technology to link customer to retailer and purchase.
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Standard Bank had a stake in SnapScan, but not a controlling one afaik.
 
BrandonH said:
The article says they launched it together.

"In 2014 Firepay, in partnership with Standard Bank, launched SnapScan to allow customers to pay for goods and services using only their mobile phone."
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Yeah I meant more the majority shareholding part.
 
Hamster said:
Well that sucks since Zapper is located in the Silicon Cape and Standard Bank here in the backwater Gauteng...
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Standard Bank might be out in the technological backwaters, but SnapScan is located in Buitengracht Street, Cape Town
 
Anyone with details on the exit? Would really love to know.
This could well be one of the most important exits in Cape Town in a while
 
faniedry said:
Exits? what exit?
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Tech startup terminology.
FirePay/SnapScan's exit. i.e the moment investors make their money on their investment over the years. The entire point of a startups existence. Usually when the company gets bought or vis an IPO
 
JStrike said:
FirePay/SnapScan's exit. i.e the moment investors make their money on their investment over the years. The entire point of a startups existence. Usually when the company gets bought or vis an IPO
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I don't forsee them existing.... they just work for standard bank now.
 
faniedry said:
I don't forsee them existing.... they just work for standard bank now.
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Huh?

I think you misunderstood me.

The tech startup lifecycle goes something like this.

Company gets founded. Founders (and usually employees) get 100% of equity.
Investors brought in in Angel funding (x percentage of equity is sold to them)
Investors come in through Series A round (x percentage of equity is sold to them)
Investors come in through Series B, Series C, etc rounds (x percentage of equity is sold to them in each round)
Company exits (Gets bought by another company or lists on the stock exchange, which is not common in SA).
At that point, all investors (external, founders and employees) get their money for their investment.

New company (or multiple new ones) get created and cycle continues.

Now I am interested in the details of the exit, as each exit has a fundamental effect on the ecosystem in Cape Town & Stellenbosch (aka the Silicon Cape)
 
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Hamster said:
Carry on working from their offices but owned by Standard Bank.
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Not really relevant to what I was asking. Not really interested in the workings of the new SnapScan.
I am asking about the exit
 
JStrike said:
Not really relevant to what I was asking. Not really interested in the workings of the new SnapScan.
I am asking about the exit
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The EXIT from CPT to JHB?!?!?!?!?!!?!?!?!??!?!?!!?
 
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