Lesaka Technologies Inc (NASDAQ: LSAK, JSE: LSK) is a South Africa-based fintech company that provides transactional accounts, lending, insurance, merchant acquiring, cash management, software, and automated delivery of payments to underserved consumers and small merchants. Revenue is generated through transaction fees, ad valorem utility vending fees, insurance premiums, lending spreads, and software licensing across three operating segments: Merchant, Consumer, and Enterprise. Merchant was the largest segment at 81% of consolidated revenue in FY2024 ($459.8M), followed by Consumer at 12% ($69.2M) and Enterprise at 8% ($46.9M), with total consolidated revenue of $564.2M in FY2024. The company lists on NASDAQ as its principal market with a secondary listing on the JSE. Lesaka does not pay dividends and has retained earnings to fund business expansion, including the acquisitions of Adumo and Recharger, which contributed to 16.9% revenue growth in U.S. dollar terms in FY2025.

Revenue model

Transactional fee revenue on card acquiring and payment processing; ad valorem fees on electricity and utility vending; lending and insurance revenue in the Consumer segment; software and ADP licensing in the Enterprise segment; ad-hoc hardware sales of utility meters.

Products and services

Transactional bank accounts; consumer lending; insurance products; card acquiring and merchant payment acceptance; cash management solutions; utility vending (electricity, prepaid airtime); government grant and bill payment solutions; digital banking app for consumers; payments management account app for merchants; software and automated delivery of payments (ADP) platforms.

Customers and end markets

Underserved consumers including government grant recipients; small and medium merchants needing payment acceptance and cash management; enterprise customers using software and payment infrastructure. Consumer segment drives lending, insurance, and airtime sales. Merchant segment serves businesses across card acquiring and value-added services.

Value-chain role

Integrated fintech platform operator sitting between consumers, merchants, and financial infrastructure. Deploys ground-level sales teams and low-cost retail hubs to acquire customers, then cross-sells additional financial services digitally to expand wallet share over the customer lifecycle.

Geographic exposure

Primarily South Africa. Listed on NASDAQ (principal market) and JSE (secondary listing). Revenue reported in both U.S. dollars and South African rand.

Source: SEC 10-K, filed 2025-09-29

Industry: Functions Related To Depository Banking, NEC