South African Fintech Startup Adumo Acquires SwitchPay

South African fintech group Adumo has acquired SwitchPay, a provider of alternative payment solutions for consumers both in-store and online, for an undisclosed amount.

Adumo offers a range of smart payment solutions to more than 50,000 active clients, including large multinational and independent retailers as well as entrepreneurs and informal traders. Its group companies include Sureswipe, iKhokha, Humble, Innervation Pan African Payment Solutions, and Innervation Rewards.

SwitchPay provides retailers with access to a digital platform to offer their customers alternative payment methods both in-store and online, including purpose-based lending, customized subscription models, and lay-by. The company’s platform supports third-party payment products through API integration, and its credit-related products aggregate multiple credit providers, including banks and other fintechs.