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Money20/20 Europe Unveils Six Incredible Fintech Startups And Industry Disruptors 

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    AMSTERDAM, NL – June 6, 2024 – Money20/20, the world’s leading fintech show and the place where money does business, has unveiled six startups that are poised to transform the world of money. The selected startups are Flexvelop, Brite Payments, Kore Labs, Nomyx, Velexa, and NALA. The emerging startups were unveiled during Money20/20 Europe’s Startup Media Session on June 5th at the RAI in Amsterdam.

    Money20/20 Europe brings together the most influential figures in the fintech and financial services landscape, unlocking growth opportunities for these startups to transform into industry heavy hitters.

    “Startups have always been at the heart of Money20/20. It has been a real pleasure seeing the early-stage startups begin on our stages before maturing into some of the biggest players in the industry. As the world of money comes together for Money20/20 Europe, we are delighted to showcase startups that we believe will change the future of money, covering the entire gamut of the ecosystem from regulations to infrastructure. It’s a core mission for Money20/20 to identify, support, and elevate startups and we couldn’t be more proud to provide a platform for these handpicked businesses as they continue their growth journey,” said Scarlett Sieber, Chief Strategy and Growth Officer at Money20/20.

    The six startups are:

    Flexvelop is a German flexible financing solution for business equipment, enabling companies to lease technology and purchase it at a reduced price. Thanks to this flexible leasing, rental, and credit model, businesses can trial different equipment to see what best suits their needs, better react to market shifts, and find more cost-effective solutions tailored to them.

    “For Flexvelop, this is the perfect exclusive opportunity to announce our upcoming move towards internationalization across Europe and to promote “Flexing” as a pioneering financing solution beyond the German borders. We are very grateful to the Money20/20 team for this valuable opportunity,“ said Dr. Hans-Christian Stockfisch

    Brite Payments is a Swedish instant payments startup offering smarter, faster, and more financially sustainable ways for payments and payouts thanks to open banking.  Their technology allows funds to be transferred immediately and seamlessly with bank-grade security, minimizing risk for merchants and creating a hassle-free payment experience for consumers.

    It is truly an honor to be chosen by Money20/20 Europe, which has established itself at the center of the European fintech ecosystem, to share our vision for payments and highlight the enormous potential of our out-of-the-box instant payments solution. The regulatory and macroeconomic environment in 2024 is a major catalyst for the growth of Pay by Bank payments. Boosted by fresh funding in 2023, we have now made that crucial step from start-up to scale-up, placing us at the forefront of the movement,” said Lena Hackelöer, Founder & CEO, Brite Payments.

    Kore Labs is a UK-based, award-winning RegTech startup digitizing financial product management to reduce regulatory risks, costs, and time to market for financial products.  Kore serves a wide range of financial institutions, including major European banks, investment managers, and insurance companies.

    “Kore Labs is excited to be named by Money 20/20 as one of Europe’s most promising startups. Our flagship product, KorePRM, continues to be a category-defining product management and governance platform for the financial services industry, already adopted by leading global firms. Kore Labs is disrupting the industry from within, by pioneering a new family of technologies specifically designed to make financial product management more transparent, efficient, and equitable. Kore Labs brings clarity, peace of mind and the power to make fully informed decisions for professionals in this industry – for the ultimate benefit of consumers,” said Sabrina Del Prete, founder and CEO of Kore Labs.

    Nomyx is an American Web3 and AI tokenization startup enabling companies to transform traditional assets into digital tokens in a seamless, secure, and transparent manner. Businesses can tokenize a wide range of assets with Nomyx, such as traditional financial assets, real estate properties, art pieces, company shares, intellectual property rights, and collectibles. Nomyx unlocks liquidity for businesses and provides them with increased flexibility with portfolio management.

    “We look forward to engaging with the global fintech community and showcasing the innovative solutions NOMYX brings to the table. This platform offers an unparalleled opportunity to share our vision for NOMYX and demonstrate how we are revolutionizing the management of digital assets,” said Ubair Javaid, CEO of Nomyx.

    Velexa is a London-based white-label API-based investing platform offering global market access across all major asset classes and currencies. Velexa is the only multi-asset platform that offers a cutting-edge B2B2C WealthTech technology that empowers banks, brokers, wealth managers, and other institutions to embed investing services in their portfolios, delivering a unified personal finance experience for their end users, ultimately making finance less intimidating. In this way, Velexa aims to revolutionize financial literacy and wealth management across Europe.

    “Thank you Money20/20 for selecting us alongside these five stellar startups and for supporting us in making our vision a reality. Wealthtech has the power and therefore the responsibility to enhance financial literacy and accessibility. We’re not just helping Europeans manage their finances; we’re empowering them to embark on a transformative wealth journey. Our partnerships with established banks and neobanks allow us to combine innovation with trust, creating a powerful force for financial initiation, ” said Tamara Kostova founder and CEO of Velexa.

    NALA is an international money transfer app enabling individuals (nala.com) and businesses (rafiki.com) in the EU, US, and the UK to send money to 11 countries in Africa. Payments to Africa are significantly more expensive than payments to any other continent; NALA was built to reduce those fees through fast, reliable, and affordable cross-border payments. NALA has grown 29x in the past 20 months. Earlier this year, NALA turned profitable and achieved 10X revenue growth in the past 12 months. Their team grew from 7 to nearly 100 in this same time period.

    “It’s a great opportunity to share the incredible growth story of Africa, the fastest-growing payment region in the world. Africa’s population is set to grow from 1.2 billion to 2.5 billion, and with 1 in 6 people on the planet projected to be African by 2050, this makes the continent the world’s largest global workforce. Yet, the payments infrastructure in Africa is only 1% built and the opportunity to build the technological infrastructure for Africa’s economic revolution remains largely untapped. This limits global companies like Uber, Netflix and Amazon from operating in the region. At NALA, we’ve made it our mission to build payments for the Next Billion and we’re excited to supercharge this journey with Money20/20.” said Benjamin Fernandes, Founder and CEO of NALA.

    Money20/20’s Startup Media Session was designed as part of its goal to support startups sitting at the intersection of finance and technology. Last year’s winners included Net Purpose, Clima Cash, Eljun, GoKind, KYP, Zing, and Conduit, among others. To learn more about this year’s featured startups, please visit: https://www.money2020.com/

    About Money20/20

    Launched by industry insiders in 2012, Money20/20 has rapidly become the heartbeat of the global fintech ecosystem. Over the last decade, the most innovative, fast-moving ideas and companies have driven their growth on our platform. Mastercard, Wise, J.P. Morgan, SHIELD, Convera, Stripe, Google, VISA, Adyen, and more make transformational deals and raise their global profile with us. Money20/20 attracts leaders from the world’s greatest banks, payments companies, VC firms, regulators and media platforms: convening to cut industry-shaping deals, build world-changing partnerships and unlock future-defining opportunities in Amsterdam (4-6 June 2024), Las Vegas (27-30 October 2024) and in Bangkok (22-24 April 2025).

    Money20/20 also recently launched Twentyfold, a Digital Intelligence product containing the deepest and widest repository of fintech startup data in the world. Money20/20 is where the world’s fintech leaders convene to grow their businesses. Money20/20 is part of Ascential plc. Follow Money20/20 on X and LinkedIn for show developments and updates. We’re Where Money Does Business.

    Follow Money20/20 on Twitter for show developments and updates.

    You can also find us on LinkedIn at Money20/20.

    Contact:
    Tina Loncaric
    Global Head of PR
    Money20/20
    [email protected]
    M: +1 469 288 5556

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    Lesaka completes the acquisition of Adumo, cementing its position as the leading independent fintech in Southern Africa

    2024-10-02T12:05:00Z

    JOHANNESBURG, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (Nasdaq: LSAK; JSE: LSK) today announced it has completed its acquisition of Adumo RF (Pty) Ltd (“Adumo”). The transaction was settled through the issuance of 17,279,803 shares of Lesaka’s common stock and a cash payment ZAR 232.2 million ($13.4 million), implying a total purchase consideration of ZAR 1.67 billion ($96.2 million) using Lesaka’s October 1, 2024, closing price on the Johannesburg Stock Exchange of ZAR 83.05 per share. All amounts in this release have been translated to U.S. dollars at the October 1, 2024, closing exchange rate of $1: ZAR 17.34.

    The acquisition of Adumo, South Africa’s largest independent payments processor with over 20 years’ experience in payment solutions, reinforces Lesaka’s position as natural consolidator of Southern African fintech. The acquisition enhances the Company’s strengths in both its consumer and merchant markets and follows the successful integration of the Connect and Kazang businesses and the recent acquisition of Touchsides.

    Lesaka CEO Southern Africa Lincoln Mali said: “The Adumo transaction is an exciting addition to the Lesaka story. It significantly enhances our technology platform, adding customers, solutions, and meaningful scale. Lesaka’s full-service fintech platform will serve 1.7 million active consumers, 120,000 merchants, and process over ZAR 270 billion in throughput (ZAR 45 billion card, ZAR 105 billion VAS and ZAR 120 billion cash) per year in our connected ecosystem as we facilitate the digitization of commerce in our markets. The Group will have over 3,300 employees operating on the ground in 5 countries: South Africa, Namibia, Botswana, Zambia, and Kenya.

    “I would like to extend a warm welcome to all the Adumo employees, as well as Adumo Chief Executive Paul Kent who joins our executive leadership team. Paul will take responsibility for our merchant pillar. I would also like to welcome Crossfin Chief Executive Dean Sparrow who joins our board as a non-executive director and our new shareholders – Apis Growth Fund I and African Rainbow Capital, the largest shareholder of Crossfin.”

    Adumo CEO Paul Kent said: “We are thrilled to be joining the Lesaka group, creating a Southern African fintech of significant scale, with leading positions in several verticals and sectors. Our businesses are a natural fit with the combined solution set, distribution network and technologies positioning us perfectly to take advantage of the digitization across our economy. We continue to innovate and expand the holistic suite of products and services offered to our merchants in solving for their pain points.”

    Steve Heilbron, Head of Corporate Development at Lesaka added: “This is an exciting day for us and for the customers that we serve. Bringing the Adumo business into the fold is a landmark transaction for Lesaka. The acquisition materially broadens our product offering to our customers and deepens our penetration in both the merchant and consumer segments. This will accelerate our growth profile. The combined scale and solutions of our fintech platform significantly enhances our ability to innovate and disrupt as well as providing a beachhead into new markets opportunities. There is a strong alignment of culture and values between Lesaka and Adumo, and we look forward to integrating our teams. I would also like to take this opportunity to welcome Paul Kent to Lesaka. We are very excited to have Paul and his team on board.”

    Purchase of shares from indirect Adumo shareholders

    In fulfilment of one of the conditions of the transaction, Lesaka has agreed to purchase 2,601,410 shares of its common stock, through a wholly owned subsidiary, for ZAR 207.2 million ($12.0 million), or ZAR 79.66 per shares, to provide cash liquidity to a group of indirect Adumo shareholders who were unable to receive Lesaka shares under their investment mandates. The purchase is expected to complete in early October 2024.

    About Adumo

    Adumo is South Africa’s largest independent payments processor with over 20 years of experience, delivering integrated payment solutions that simplify transactions for businesses of all sizes. Adumo serves approximately 23,000 active merchants with operations across South Africa, Namibia, Botswana and Kenya. For more than two decades, Adumo has facilitated physical and online commerce between retail merchants and end-consumers by offering a unique combination of payment processing and integrated software solutions, which currently include embedded payments, integrated payments, reconciliation services, merchant lending, customer engagement tools, card issuing program management and data analytics.

    Adumo operates across three businesses, which provide payment processing and integrated software solutions to different end markets:

    • The Adumo Payments business offers payment processing, integrated payments and reconciliation solutions to small and medium (“SME”) merchants in South Africa, Namibia and Botswana, and also provides card issuing program management to corporate clients such as Anglo American and Coca-Cola;
    • The Adumo ISV business, also known as GAAP, has operations in South Africa, Botswana and Kenya, and clients in a further 21 countries, and is the leading provider of integrated point-of-sales software and hardware to the hospitality industry in Southern Africa, serving clients such as KFC, McDonald’s, Pizza Hut, Nando’s and Krispy Kreme; and,
    • The Adumo Ventures business offers online commerce solutions (Adumo Online), cloud-based, multi-channel point-of-sales solutions (Humble) and an aggregated payment and credit platform for in-store and online commerce (SwitchPay) to SME merchants and corporate clients in South Africa and Namibia.

    Adumo generates the majority of its revenue from per transaction fees that are calculated as a percentage of transaction value, and software-as-a-service (“SaaS”) subscription fees charged to merchants. As of June 30, 2024, Adumo employed approximately 950 employees throughout Southern Africa.

    About Lesaka (www.lesakatech.com)

    Lesaka Technologies, (Lesaka™) is a South African Fintech company driven by a purpose to provide financial services and software to Southern Africa’s underserviced consumers (B2C) and merchants (B2B), improving people’s lives and increasing financial inclusion in the markets in which we operate. We offer a wide range of solutions including transactional accounts (banking), lending, insurance, cash management solutions, card acceptance, supplier payments, software services and bill payments. By providing a full-service fintech platform in our connected ecosystem, we facilitate the digitization of commerce in our markets.

    Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.lesakatech.com for additional information about Lesaka Technologies (Lesaka ™).

    Forward-Looking Statements

    This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “expects,” “estimates,” “projects,” “believes,” “anticipates,” “plans,” “could,” “would,” “may,” “will,” “intends,” “outlook,” “focus,” “seek,” “potential,” “mission,” “continue,” “goal,” “target,” “objective,” derivations thereof, and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release, statements relating to future financial results and future financing and business opportunities are forward-looking statements. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our Form 10-K for the fiscal year ended June 30, 2024, as filed with the SEC, as well as other documents we have filed or will file with the SEC. We assume no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.

    Investor Relations Contact:
    Phillipe Welthagen
    Email: [email protected]
    Mobile: +27 84 512 5393

    Media Relations Contact:
    Ian Harrison
    Email: [email protected]


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