Payfast founder acquires iVeri in fintech move
The deal brings together iVeri’s nearly 30-year track record in payment infrastructure with Smit’s experience in building and scaling digital payment platforms.
Smit, who founded Payfast in 2007, led the business for more than a decade before exiting between 2019 and 2021. Since then, he has invested across private and public markets, building a portfolio spanning more than 30 businesses and funds.
He said the acquisition reflects a return to core payments infrastructure.
“Payments keeps drawing me back because it is infrastructural in nature. Trends come and go, but the need to move money never does,” said Smit.
iVeri’s founding team is transitioning out of the business as part of a succession process. Co-founders Barry Coetzee and Roland Elferink said the deal ensures the company remains locally owned and operated.
“His depth of experience in payments, his understanding of the African market and his long-term vision for iVeri made him the natural choice,” said Coetzee.
iVeri operates across both online and in-person payments, with infrastructure spanning multiple African markets. The business manages payment gateways as well as a large terminal network.
Smit said maintaining local ownership and operational control is a key focus.
“In the current environment, autonomy over data and financial infrastructure matters more than ever. Keeping our team, intellectual property and cost base local ensures we remain aligned with the markets we serve,” he said.
He added that the immediate priority is maintaining operational stability while introducing measured innovation.
“Reliability and consistency are non-negotiable, but stability also enables progress. The focus is on building a strong team and expanding capabilities without disrupting existing operations,” said Smit.