Jonathan Smit, founder and former Managing Director of Payfast, has acquired iVeri, one of Africa’s oldest and most established payment technology companies.
The deal brings together iVeri’s nearly 30 years of experience in payment infrastructure with Smit’s track record in building and scaling fintech businesses. It marks an important development in Africa’s growing digital payments sector.
Smit said his decision reflects a long-standing interest in payments, which he sees as a core part of any economy. He noted that while trends may change, the need to move money remains constant. He described iVeri as a trusted name in African payments and said his goal is to build on its strong reputation while introducing more flexible and modern technology.
Smit, who trained as an engineer, founded Payfast in 2007 and spent over a decade growing it into one of South Africa’s leading online payment platforms. He later exited the business between 2019 and 2021. Since then, he has invested in more than 30 companies and funds across different markets, gaining deeper insight into the future of financial technology.
The acquisition comes at a time when iVeri’s founding team is stepping back. Co-founders Barry Coetzee and Roland Elferink chose Smit as their successor, citing his experience and understanding of the African market. They said they are confident he will guide the company into its next phase of growth.
A key part of the transition is keeping iVeri’s operations, technology, and ownership within Africa. Smit stressed the importance of maintaining local control over financial systems and data, especially as global economic conditions become more complex. He said building solutions within Africa allows companies to better understand local markets and serve businesses more effectively.
For existing clients and partners, Smit said the immediate focus will be on maintaining stability and reliability. He added that innovation will be introduced carefully, ensuring that current services are not disrupted. At the same time, he plans to grow the company by building a strong team and encouraging new ideas.
With this acquisition, Smit aims to position iVeri as a stronger player in Africa’s evolving payments space, combining its long-standing reliability with new technology to support the next phase of digital commerce on the continent.
