South African fintech company Callpay has been sold to a global financial technology provider at a valuation of over R100 million.
Callpay was founded in 2014 by brothers JP and Thomas van der Spuy. It initially offered a white-labelled telephony payment system. JP serves the company’s CEO, while Thomas was its head of partnerships.
As the company grew, so did its product portfolio. Over the last few years, Callpay focussed on its payment solutions for merchants and the digital payment industry.
It now serves large South African enterprise clients, including DStv, Telkom, Acer, Ster Kinekor, SafariNow, Siemens, and Sun International.
Callpay said it became the first payments service provider in the world to achieve Level 1 PCI-DSS v3 compliance.
It also lays claim to being the first payment service provider in Africa to achieve Level 1 Payment Card Industry Data Security Standards v3.1 compliance status.
In 2017, Callpay partnered with the mobile payment app Slide, which is based on Venmo from US payment giant PayPal.
Callpay also developed Express, a solution to embed payments into pdf, email, and SMS, allowing merchants to collect payments in ways not previously possible.
It further provides a payout solution to allow merchants to make multiple payments at once to bank accounts or wallets.
Thomas van der Spuy told MyBroadband that the buyer’s name would be made public in the coming weeks.
While the exact value of the deal is undisclosed, Van der Spuy could say that the global fintech provider bought a majority stake in Callpay at a valuation of over R100 million.
The deal includes an investment made into Callpay South Africa to accelerate growth further.
Van der Spuy said that, for now, he would be staying on at Callpay in his role as head of partnerships.