Capitec moves to strengthen digital payments with Walletdoc acquisition

Deal gives the South African bank direct control over key e-commerce and merchant payment infrastructure.

Capitec Bank, one of South Africa’s largest retail banks, has reached an agreement to acquire local payments fintech Walletdoc in a transaction valued at approximately R400 million (US$23.5 million). The move signals Capitec’s intention to deepen its presence in digital commerce by owning core payment infrastructure rather than relying solely on third-party providers.

Under the terms of the deal, Capitec will pay R300 million upfront, with a further R100 million linked to performance milestones and the bank’s share price over the next three years. Once completed, Walletdoc’s full-stack payment gateway, covering online and in-app payments, instant EFT, payment links and merchant payouts, will be folded into Capitec’s business banking platform.

Founded in 2015, Walletdoc is a South African fintech specialising in digital payment solutions for consumers and small to medium-sized businesses. The company initially focused on simplifying everyday bill payments, before expanding into merchant acquiring, remote card collections and invoice-based point-of-sale tools. Since its launch, Walletdoc has processed billions of rand in transactions across the local market.

The acquisition marks a milestone for Walletdoc’s co-founder and CEO Leonard Shenker, who has spent more than a decade building payment technologies in South Africa. With a background spanning engineering, finance and payments leadership roles, Shenker helped scale Walletdoc from a self-funded startup into a recognised player in the country’s fintech ecosystem.

Subject to regulatory approval, Capitec does not plan to operate Walletdoc as a standalone brand. Instead, the bank intends to integrate its technology across its broader commercial offerings, reinforcing Capitec’s ambition to support merchants with end-to-end digital payment capabilities.