Entrepreneur Jonathan Smit has acquired iVeri, one of Africa’s longest-standing payment technology providers, for an undisclosed sum.
Image: Supplied
iVeri, one of Africa’s longest-standing payment technology providers, has been acquired by Payfast founder and former MD and entrepreneur Jonathan Smit.
By combining privately-held iVeri’s 30-year legacy of proven infrastructure with Smit’s track record of scaling one of the continent's most successful payment gateways, the deal - the value of which was not disclosed - could signal a significant shift in Africa's fintech landscape.
“Payments keeps drawing me back because it is infrastructural in nature. Trends come and go, but the need to move money never does, and that is exactly where I want to be. The acquisition is a return to those roots,” Smit said Tuesday in a statement.
He said that for decades, iVeri had been “the blue-chip of African payments, synonymous with stability and trust.”
“My goal now is to build on that legacy of reliability and strengthen it with the agility and forward-thinking technology needed to power the next generation of African commerce," he said in a statement.
An engineer by training, Smit founded Payfast (since rebranded Network International) in 2007 and spent the next 15 years scaling it into one of the country's leading online payment gateways, before exiting between 2019 and 2021.
Since then, he has invested across private and public markets, building a portfolio of more than 30 businesses and funds locally and globally. It is a journey that he said had sharpened his understanding of where the payments landscape was headed, and where the greatest opportunities lie.
The acquisition also followed a natural transition point for iVeri's founding team as they move into retirement.
Co-founders Barry Coetzee and Roland Elferink had chosen a succession path that kept iVeri's ownership, intellectual property, and operational focus firmly on African soil.
"Jonathan and I have known each other for the better part of 20 years, and that history gave us a great deal of confidence in this process,” said Coetzee.
“His depth of experience in payments, his understanding of the African market, and his long-term vision for iVeri made him the natural choice. We are proud of what this business has become, and equally confident about where it is headed," said Coetzee.
iVeri’s capability across both online (card-not-present) and in-person (card-present) payments was what first drew Smit to the business. While fintech innovation is often associated primarily with digital channels, iVeri has quietly built a substantial presence in both areas - facilitating online transactions while managing a terminal fleet that rivals many well-known competitors.
This infrastructure spans multiple African countries, giving iVeri a significant regional footprint - rooted in local ownership rather than remote oversight.
"In the current geopolitical environment, autonomy over our data and financial infrastructure matters more than ever. Keeping our team, intellectual property, and cost base local, means we’re aligned with the markets we serve and have a far better understanding of the conditions and nuances that shape them,” said Smit.
"Reliability and consistency are non-negotiable - and we will move carefully to ensure they are never impacted. But stability doesn't preclude progress; it enables it. My focus is on innovating responsibly: building a world-class team and giving strong leaders the space to experiment safely. This business has been something of a well-kept secret. That changes now," said Smit.
Founded in 1998, iVeri is a pioneer in African payment technology, providing the infrastructure that has powered the continent's digital economy for nearly 30 years. With a footprint in more than 10 African countries, the company facilitates multi-channel transactions for tens of thousands of merchants and processes billions of dollars in annual value.
BUSINESS REPORT