Listen: Several fintech solutions merge to form new small business financial services powerhouse

A new financial services platform for small business, adumo, was unveiled this week after the consolidation of several leading fintech and payment solutions providers, to become South Africa’s largest independent payments processor.

The new platform is set to galvanise small business growth by driving financial growth and inclusion.

adumo’s financial services platform will enable an ecosystem of integrated value-added financial and business services with the aim to let clients get paid and simplify their payments environment, as well as grow and optimise their businesses.

adumo now consists of Sureswipe, Innervation Pan African Payments, Innervation Rewards, iKhokha, Humble, Switchpay, Wirecard (rebranded adumo online) and GAAP.

“It is critical to drive financial inclusion by reconstituting the payments environment. The world of payments is becoming increasingly complex and we see our role as making it simple and efficient for our clients, providing a flexible ecosystem and a one stop fintech solution that increases turnover, ultimately enabling growth for small SMMEs across South and sub-Saharan Africa and the economy at large,” Paul Kent, CEO and co-founder of adumo says.

Currently, adumo exceeds a processing value of R80 billion per year in formal markets in South Africa, Namibia and Botswana.

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Financial services platform a catalyst for small business growth

With a vision to be a catalyst for growth for businesses across South and Sub-Saharan Africa by providing financial inclusion across every client tier, the newly constituted adumo went on an acquisition trail of successful niche fintech businesses between 2019 and 2021 to help realise its vision.

The consolidation of the various fintech products and solutions into one brand, as well as providing omni-channel or multi-channel options catering for in-store and online needs, adumo created a one-stop fintech solutions business for its customers.

In addition to receiving payments by credit cards or alternative payments, small businesses can obtain working capital for business growth linked to their turnover by using adumo card machines.

Small businesses can also use adumo’s loyalty solution in their stores to improve customer loyalty and increase repeat business or sales.

The latest adumo offering is offering consumers access to in-store credit from adumo’s merchant stores, without the merchant having to install an expensive in-house credit providing facility.

Kent says many adumo customers already experienced this new consolidated offering and it is visibly helping them to grow their businesses and save money.

“Vertical integration and sector specific segmentation is the ingredient that will catalyse growth for customers,” Kent says.

“There is no doubt that competition in digital payments has driven significant savings across all merchant categories, as transaction fees have reduced.”

Kent says adumo is very proud to have played a large part in disrupting this market in terms of pricing and offering.

“In the future our vision is to continue to be a catalyst for growth for our customers. We have already received feedback that proves our ecosystem has been a key determinant for increasing turnover in our customers’ businesses.”

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New devices for small businesses to access financial services platform

New android-based devices will improve and simplify the user interface, increase transaction speed and deliver increased connectivity options and overall improved reliability. The devices are currently in beta testing and will be rolled out this year.

Matthew Sledge, MD of the HP Store and a client of adumo says that the platforms is a true partner with a solid working relationship.

“adumo really tried to help us simplify and grow our business. We now have a flexible payments partner who is willing to grow the relationship with us for the long term.”

Along with the consolidated market facing adumo brand, the other two brands to be seen going forward will be iKhokha, a fast-growing fintech focussing on informal and micro businesses, and GAAP, a market leader in the hospitality field.

“Our financial services platform ecosystem, places adumo ahead of many fintech payments providers, in that we can provide a seamless and integrated solution to our customers. This can be customised for various sectors and geographies in which they operate.

“We are able to partner with our customers, providing relevant offerings for every stage in the lifecycle of their business and ultimately being a catalyst for business growth for SMME’s and the economy at large”, concluded Kent.