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Capitec has entered into a binding agreement to acquire 100% of Walletdoc Holdings, and this buyout has been finalized on December 5, 2025, but it is still subjected to regulatory approval. The total deal is worth R400 million, with R300 million to be paid in cash upfront and a deferred “earn-out” of R100 million, payable over three years and contingent on performance milestones linked to Capitec’s share price.
Founded in 2025, Walletdoc Holdings is the payment-infrastructure company that built payment-infrastructure gateway provider Walletdoc. Walletdoc services include: online and in-app payments, digital wallets, instant EFT (Electronic Funds Transfer) payments, payment links (so merchants can get paid without heavy infrastructure), real-time payouts, and more.
These capabilities blend directly with Capitec’s ongoing expansion into merchant services and digital payments. The bank says Walletdoc’s culture of innovation, efficiency, and client focus matches its own. Capitec added that the deal supports its goal to lower payment costs, broaden access to digital financial services, and promote financial inclusion in South Africa.
Notably, at the time Walletdoc Holdings incepted "Walletdoc," it started it with consumer bill-pay (such as utilities, fines, bills app). But as the payment gateway pivoted successfully into full-blown merchant services, it became a backend “payments engine” for businesses.
Walletdoc is now a scalable and flexible payments stack that's attractive for both merchants and businesses that want to accept payments online without building the required infrastructure themselves. The acquisition is meant to fit-in Capitec areas it historically lagged in: payments infrastructure, merchant services, and business banking.
Capitec is best known in the area of traditional retail banking. But by owning a ready-made payments gateway, the bank avoids building from scratch; it gets a “plug-and-play” system to offer to its business clients. For merchants (especially SMEs), this could mean more affordable, seamless and integrated payment options.
However, it's important to note that this acquisition deal could dragged Capitec into the growing “merchant war” in South Africa. Merchant War simply means the growing competition race among banks and fintechs for control of payment infrastructure and SME banking in South Africa.
In recent years, banks are increasingly acquiring fintechs to beef up payment infrastructure. According to report, the total spent by banks on fintech acquisitions this year alone has grown to R7 billion. This signals that banks see fintech companies and payments infrastructures as critical to staying competitive in the market.
For fintech watchers say banks aren’t just partners to fintechs anymore, they are becoming their acquirers and consolidators. However, this Walletdoc's acquisition by Capitec is more than just a corporate purchase. If the bank executes well, it could redefine the payments market in South Africa to be more cheaper, and more accessible for merchants and consumers.
The bank said, adding that emerging technologies will continue to play a central role in delivering “smart, seamless payment solutions” across its customer base. Further details are likely to emerge once the transaction clears regulatory processes. Stay tuned!
