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May 10, 2022

South African mobile payments provider SnapScan acquires payroll startup Radar

South African mobile payments provider SnapScan has acquired human resource (HR) and payroll startup Radar for an undisclosed amount, reported Disrupt Africa.

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The acquisition comes as Radar co-foundersKobus Ehlers and Gerrit Greeff exit the firm to their first startup, SnapScan.

Ehler and Greeff, who have spent several years working on payment products for and with banks, founded SnapScan in 2013. This mobile payments app was acquired by Standard Bank in 2016.

The duo, alongside Richard Oakley, started working on Radar in 2019 and signed up their first customer in 2020.

Radar will be now taken over by Firepay, the company behind SnapScan and a fully owned subsidiary of Standard Bank.

As part of the deal, Ehler and Greeff will exit the business while the rest of the Radar team will join Firepay.

The deal is expected to provide a range of value-added offerings for SnapScan customers, said the report.

Ehlers told Disrupt Africa: “Firepay has been one of the original investors in Radar due to the close strategic fit between their offering and what we built at Radar. Both companies try to solve different problems facing the same SME customers.

“As Radar started looking for a way to scale our distribution and take the product to the next level, it became evident that working closely with SnapScan would be a great way to achieve that.”

Firepay CEO Marin Cundall said that will help the firm offer “the best experience for businesses.”

“Our focus is on providing the best experience for businesses, and we believe this acquisition will help us achieve that goal,” she told the publication.

Free Whitepaper
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Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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