Standard Bank has announced that it has acquired a majority stake in Firepay – the team behind South Africa’s largest mobile payments product, SnapScan.
Firepay was formed in 2013 to apply new mobile payments technology to build innovative products. In 2014 Firepay, in partnership with Standard Bank, launched SnapScan to allow customers to pay for goods and services using only their mobile phone.
SnapScan is now used by hundreds of thousands of customers, at a national network of more than 32,000 physical and online merchants. Standard Bank said.
Lincoln Mali, SBSA Head of Card and Payments said: “This acquisition is yet another testament to Standard Bank’s commitment to innovation and working with industry leading fintechs to bring relevant solutions to customers”.
SnapScan will continue operations as normal, with the Firepay team staying onboard to grow the product.
In addition to SnapScan, the Firepay team’s technology platform already enables payments for several clients, including WeChat and Masterpass.
The company will continue to develop and expand its offering to provide a range of product development and payments services.