Financial technology deals may lift Capital Appreciation

Technology group Capital Appreciation said on Monday its entry into the financial technology (fintech) space presented many market opportunities for expansion. The use of technology has disrupted traditional banking as more people look for convenience. Banks have embraced fintech by developing their own technology platforms and teaming up with start-ups that have developed unique innovations. Capital Appreciation, which listed in October 2015 as a special purpose acquisition company spent almost R1bn buying three fintech companies — African Resonance, Rinwell and Synthesis. African Resonance and Rinwell’s subsidiary Dashpay are involved in online payments while Synthesis develops software for the financial sector. The acquisitions were finalised only about seven weeks ago and were not included in Capital Appreciation’s results for the year to March. Capital Appreciation joint CEO Bradley Sacks said the businesses were performing "exceptionally well and it is nice to see the things w...