Capital Appreciation gets green light for fintech merger
Fintech companies African Resonance Business Solutions and Rinwell Investments offer access to the growing digital finance sector
Capital Appreciation, the listed special purpose acquisition company founded by former Netcare chairman Michael Sacks, has made its first acquisition since listing on the JSE nearly two years ago. The Competition Commission approved the intermediate merger with fintech companies African Resonance Business Solutions and Rinwell Investments, which owns payment processor Dashpay. Sacks could not be reached for comment on Monday. In a circular to shareholders, Capital Appreciation said both fintech companies were "uniquely positioned to capitalise on their technologically innovative products and competencies within the South African payment sector". African Resonance provides payment infrastructure and related services to financial institutions, emerging payment service providers, the hospitality industry and retailers. Dashpay is a third-party payment processor for merchants. It is registered with the Payment Association of SA. Customers were increasingly adopting card-based and digita...