Lesaka Technologies has acquired Mobilemart, a South African fintech, in an all-cash transaction valued at $2.5 million, regulatory filings show. The deal closed on 6 February 2026.
The acquisition was made through Lesaka’s wholly owned subsidiary Prism Holdings, which bought all outstanding equity in Mobilemart from BASA Ventures, a vehicle believed to control the company. The purchase price of ZAR40 million — translated at the exchange rate prevailing on the closing date — was settled entirely in cash. Lesaka said it incurred no significant transaction costs related to the deal, underlining the lean, almost off-the-radar nature of the move.
Mobilemart has been placed in Lesaka’s Enterprise division, the unit that serves large corporates, banks, mobile network operators, municipalities and, through a separate acquisition completed in 2025, landlords using prepaid electricity metering. Lesaka has not publicly detailed Mobilemart’s products, but its allocation to the Enterprise segment suggests it offers technology or processing services that complement the group’s existing suite of transaction processing, hardware sales and prepaid vending solutions for large-scale organisations.
The deal is the second small bolt-on purchase by Lesaka in its 2026 financial year. In December 2025, the group acquired Atom Operations, another Enterprise-focused business, for $0.7 million in a mix of cash and Lesaka shares. Together, Atom and Mobilemart contributed $4.30 million in revenue and a net loss of $0.13 million to Lesaka’s results in the nine months to end-March 2026 — a period that captures roughly four months of Atom’s performance and less than two months of Mobilemart’s.
Lesaka’s willingness to use cash for Mobilemart reflects the health of its balance sheet. As of 31 March 2026, the company held $90.6 million in cash and cash equivalents, up from $76.5 million nine months earlier. The group’s short-term credit facilities also provided ample liquidity, with ZAR1.1 billion ($67 million) available under a restructured general banking facility with Rand Merchant Bank. That facility was amended in March 2026 to replace the outgoing Johannesburg Interbank Average Rate (JIBAR) with the new South African Overnight Index Average (ZARONIA), aligning Lesaka with the country’s reference rate reforms that take effect from May 2026.
The Mobilemart acquisition is small, but it follows a pattern. Over the past two years, Lesaka has used acquisitions to push deeper into South Africa’s enterprise payments and adjacent services market. In March 2025, it bought Recharger, a prepaid electricity metering business that sells to landlords, in a deal ultimately worth close to ZAR250 million ($15.8 million) in cash and shares. Lesaka settled the final tranche of that consideration — a ZAR175 million cash payment and ZAR75 million worth of shares — on 3 March 2026, almost exactly one year after closing. The Recharger acquisition brought with it a fresh revenue stream in the form of commission earned from prepaid electricity voucher sales to tenants.
Meanwhile, Lesaka is still working to complete its most ambitious proposed acquisition: Bank Zero, a mutual bank that would mark the group’s entry into fully fledged digital banking. The transaction, first announced in June 2025, remains subject to conditions and has not yet closed. Lesaka has spent $0.3 million on transaction-related costs for Bank Zero so far this financial year and expects to incur a further $0.2 million before the deal is finalised.
For the Enterprise segment — which contributed $47.5 million in revenue during the nine months to end-March 2026, up from $27.2 million a year earlier — the Atom and Mobilemart deals offer incremental scale. On a segment-adjusted EBITDA basis, Enterprise posted a profit of $4.8 million for the nine months, compared with just $0.5 million in the same period last year, though a large portion of that improvement came from the Recharger acquisition rather than the newest additions.
The all-cash nature of the Mobilemart deal also means Lesaka avoids diluting its existing shareholders. The group has been actively managing its share count, repurchasing 79,133 shares during the period to satisfy employee tax withholding obligations and receiving 1,757,344 shares from the disposal of subsidiary Humble in December 2025. Those treasury shares, together with others already held, will give Lesaka flexibility for future stock-based compensation or small acquisitions without immediately turning to the market.
Lesaka Technologies trades on the Nasdaq Global Select Market under the ticker LSAK. The group operates across three segments — Merchant, Consumer and Enterprise — and focuses on providing financial services, payments and technology to underserved individuals and businesses in South Africa. As of 31 March 2026, it had 83.2 million common shares outstanding, net of treasury stock, and total assets of $675 million.
Looking ahead, Lesaka’s management will likely continue to evaluate small tuck-in acquisitions while the larger Bank Zero transaction advances. The group’s borrowing facilities are now fully aligned with the new ZARONIA benchmark, removing a potential source of interest-rate uncertainty. With cash on hand, an undrawn general banking facility and a track record of absorbing acquired businesses without significant disruption, Lesaka appears positioned to maintain its acquisition-led growth strategy — even if the deals themselves remain modest in size.