Capprec spreads its net
The fintech company is looking for new opportunities in the rest of Africa and other regions
Capital Appreciation (Capprec) wants to find partners in new markets to aid its inter-national expansion.
"Internationally, ideally I’d like to find ways to partner with parties who are resident in that market and who may also give us complementary capabilities that we could bring back to SA if need be," said Bradley Sacks, joint CEO of Capprec.
The fintech company was looking for new opportunities in the rest of Africa, and would also consider other regions.
"We’ll look further afield too because we’ve recognised just how advanced our capabilities are relative to offerings elsewhere, so we’ll continue to explore opportunities in different jurisdictions."
In SA, the company would look to acquire businesses enabling it to enter new areas or consolidate its existing activities.
Capprec, which did an initial capital raising in late 2015, said on Wednesday revenue in the year to March was up 613% at R571m while headline earnings rose 266% to R143.4m.
The company bought African Resonance and Dashpay to create its payments segment, and bought Synthesis, which sits in its software unit. The group also acquired 17.5% of a payments business in Australia.
"I suspect there was some concern when we announced the transactions, that people didn’t understand why we bought what we did and why we paid what we did. But I think in hindsight people will understand that the acquisitions were bought on more than appropriate multiples and the businesses have performed," said Sacks.
Capprec planned to help Synthesis grow its presence in SA and scale its operations that earned foreign revenue, while it would invest in marketing the payments business more effectively, he said.