SA fintech Ukheshe acquires SA startup Oltio

Ukheshe, Africa’s leading digital fintech platform provider has announced its acquisition of Oltio, a South African startup that has launched several mobile payments and banking solutions, including the digital payments platform that assists Masterpass, Mastercard’s QR payment service in SA. 

Ukheshe partners with Mastercard to acquire SA startup Oltio

The collaboration strengthens Ukheshe’s partnership with Mastercard, expanding on its participation in the Mastercard Accelerate Programme that includes Start Path and Fintech Express.

In an official press release, Clayton Hayward, CEO of Ukheshe, explains that the collaboration with Oltio aligns with its mission to drive inclusivity through mobile-led financial solutions.

“Digital-first solutions for consumers remain a key priority. By enabling different customer segments as part of our ongoing partnership with Mastercard, Ukheshe is well placed to continue providing fintechs, telcos, and banks with payment solutions, and services that will further deepen financial inclusion in South Africa.”

Ukheshe

Ukheshe is Africa’s market-leading fintech platform provider. The platform provider assists sectors in banking and telecommunication by building microservices that allow fast digital transactions for clients.

The African fintech aims to transform and innovate the payment industry, by developing components that are scalable and secure to launch into the digital-led market. 

Ukheshe and Mastercard partnership

Oltio was previously acquired by Mastercard for its technology, skilled employees, and infrastructure that contributed to the development of mobile banking and digital payment solutions in emerging markets in Africa. 

The local startup developed the digital payment platform that supports Masterpass as it allows users to pay for purchases with their bank card via a QR code which is scanned with a mobile phone.

Ukheshe’s acquisition of Otlio will allow the fintech platform to continue providing its financial service which operates via Masterpass. This will assist in supporting financial service providers without impacting consumers or merchants. 

Suzanne Morel, country manager at Mastercard, South Africa explains that the acquisition strengthens the partnership between Ukheshe and Mastercard. 

“Today’s news builds on the momentum of our QR work in South Africa and deepens our collaboration with fintechs. We look forward to combining our global network with Ukheshe’s local understanding of consumer and SME pain points to provide consumers and businesses with safe and seamless payment experiences.”

The use of QR codes in SA supports the objective of contactless payments that allows merchants of all business sizes to accept payments seamlessly and securely. 

Ukheshe participates in the accelerator programme offered by Mastercard which provides access to Mastercard’s technology, data, expertise, and a global network of corporates and fintechs which is used to accelerate operations globally.

The transaction between Ukheshe and Otlio is anticipated to close by the end of the year.

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Featured Image: Clayton Hayward, CEO of Ukheshe. [supplied]