South Africa’s Lesaka expands with $2.5M Mobilemart acquisition

South African fintech company Lesaka Technologies has acquired Mobilemart in an all-cash transaction worth $2.5 million, strengthening the enterprise payments platform it has been building over the past two years.

Lesaka completed the deal on February 6, 2026, by having its subsidiary, Prism Holdings, buy all shares of Mobilemart from BASA Ventures. The company reported no significant transaction costs, indicating a straightforward approach. Mobilemart is now part of Lesaka’s Enterprise division, which provides services like prepaid electricity metering to large businesses, banks, mobile operators, municipalities, and landlords.

It marks the company’s second acquisition in the 2026 financial year. In December 2025, the group bought Atom Operations, another Enterprise-focused business, for $0.7 million in a mix of cash and shares. Together, Atom and Mobilemart contributed $4.3 million in revenue to Lesaka within nine months ending March 2026, a figure that captures only partial trading periods from both businesses, suggesting their full-year contributions will be meaningfully higher.

The deal is all-cash, which is important for more than just appearances. As of March 2026, Lesaka had over $90 million in cash. By buying Mobilemart entirely with cash, current shareholders won’t experience any dilution. The company has been careful with this, even buying back shares to meet employee tax needs.

Lesaka’s acquisition strategy is like creating a quilt, where each small business it buys adds value and strengthens the overall company. Mobilemart enhances an already growing Enterprise division, making the platform more appealing to large organizations.

The company aims to expand further with its major acquisition of Bank Zero, a digital-only mutual bank, marking its entry into digital banking. Announced in June 2025, the deal is still pending regulatory approval. So far, Lesaka has spent $0.3 million on the acquisition and expects to spend another $0.2 million before it closes.

Lesaka increases its full-year earnings forecast following a significant rise in profits

The news from Mobilemart comes with strong quarterly results that have led Lesaka to raise its full-year earnings guidance, reflecting significant momentum for a company that was experiencing heavy losses not long ago.

For the three months ending March 31, 2026, Lesaka reported a net income of $455,000, a significant improvement from a net loss of around $22.2 million in the same quarter the previous year. Group revenue stayed mostly the same at $162 million, but net revenue increased by 16% to about $85 million. Adjusted EBITDA climbed 45% to $18.2 million.

The Consumer segment was the top performer, with revenue increasing by 41% to about $33.9 million. Adjusted EBITDA rose by 81% to around $11.5 million. The Enterprise segment also did well, with revenue growing by 78% to about $16.8 million. EBITDA increased more than thirteen times from a low starting point to about $1.9 million.

Lesaka’s Merchant segment, which has been its largest, faced challenges. Revenue in this area dropped 13% to about $112 million. However, the core business performed better than this decline suggests. The adjusted EBITDA for the segment increased by 3% to around $8.2 million, thanks to improved margins in the core business.

For a family in a low-income township who relies on Lesaka’s prepaid electricity or airtime services, these numbers mean a lot. They show a company that is investing in and building the services that help keep daily financial needs met.

Similar read: Lesaka Technologies gets approval to buy Bank Zero for $63.8m

Operating cash flow significantly improved, increasing to about $32.9 million from around $10.5 million the previous year. Cash reserves were approximately $83.8 million.

Lesaka has raised its full-year guidance based on recent results. The company now expects to earn between $335 million and $352 million in net revenue for the financial year ending June 2026.

They anticipate an adjusted EBITDA between $67.6 million and $73 million, expect to report positive net income for shareholders, and project adjusted earnings per share of about $0.30 to $0.32. This guidance does not include the Bank Zero transaction or any unannounced acquisitions.

Chairman Ali Mazanderani stated that the company had established a diversified platform with various avenues for sustainable growth, a claim that is starting to be supported by the numbers.