Taxi business to boost Transaction Capital, says CEO
The company posted 17% growth in half-year profits, thanks to its tie-up with Santaco, and is eyeing new markets
Minibus taxi financier Transaction Capital said the involvement of the taxi industry association has opened growth opportunities for the business. Transaction Capital, which delivered double digit growth in half-year profit, said the partnership with the SA National Taxi Council (Santaco) was already delivering benefits to both parties, allowing the company to reach new markets.
Santaco acquired a 25% stake in Transaction Capital’s minibus finance and insurance business, SA Taxi, for R1.7bn in 2018. The other shareholders at SA Taxi are the parent company Transaction Capital, which owns 74%, and SA Taxi CEO Terry Kier, who owns 1%. The biggest shareholders at Transaction Capital are its directors, who own 32%. Transaction Capital CEO David Hurwitz said with Santaco’s help the company can start competing with traditional vehicle financiers.