March 31, 2021

SaltPay to acquire Tutuka and Paymentology to accelerate issuer processing across 50 countries

Making the issuing of Mastercard, Visa and UnionPay cards easier for fintechs and banks across 50 countries, while putting cards and payments into the hands of millions of people.

Tutuka announced today that it has been acquired by SaltPay, a European-based payments business.

Tutuka enables fintechs, telcos, transfer providers, mobile wallets and digital banks to issue Mastercard, Visa and UnionPay cards across 33 countries and is the first issuer-processor to process payments across five continents.

Simultaneously SaltPay has acquired Paymentology, the world’s first fully cloud-native issuer processor. Paymentology helps banks across Europe, Middle East, Africa and Asia migrate to a modern, fully cloud-based processing platform to easily issue Mastercard, Visa and UnionPay cards with enhanced functionality and data-driven insights.

Tutuka and Paymentology will remain separate companies and will collaborate across their respective teams and clients in more than 50 countries.

Tutuka and Paymentology’s complementary expertise across fintechs and banks will allow them to better service their customers and drive real financial inclusion by enabling their consumers the chance to pay with a physical, virtual or digital card, often for the very first time.

As part of the transaction, Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, which acquired a majority stake in Tutuka in 2019, will sell its 62.6% shareholding in the company to SaltPay.

Over the course of its investment, Apis Partners has leveraged its expansive network in global financial services to help Tutuka grow its international presence, and has seen the company more than double the number of clients onboarded annually.

As a result of the transaction, Apis Growth Fund II will become a shareholder in SaltPay and the Fund’s manager will continue to play an integral role in assisting Tutuka with its continued growth. Tutuka’s management team will remain as management and shareholders.

“Tutuka has capitalised on the acceleration of the structural shift from cash to electronic payment; improving financial inclusion in the digital economy through the issuance of physical and virtual payment cards”, said Apis Partners’ Managing Partner and Co-Founder, Matteo Stefanel. “We are excited to continue along this journey and to deliver greater financial access and convenience on a truly global scale.”

Tutuka CEO, Rowan Brewer added, “We’re excited to be joining this journey with SaltPay and Paymentology, to expand our service to clients and reach our ambition of processing across more than 100 countries. As management, we are proud to remain as shareholders”.

Proton Partners served as the strategic advisor to Tutuka.

About Tutuka

Tutuka is a third-party payments enabler that makes payments happen by enabling its clients' customers to pay with Mastercard, Visa, and Union Pay cards and products.

Tutuka enables fintechs, mobile wallets, apps, and banks across Africa, Asia, the Middle East, and Latin America to issue virtual and physical cards and other Mastercard, Visa and UnionPay payment products. Tutuka's Processor Plus model allows its clients to easily, cost-effectively, and quickly link into card schemes without the complexity and slow timelines typically associated with traditional processors.

About Paymentology

Launched in 2015 and with accreditations to operate globally, Paymentology is firmly positioned as a leader in the payment processing world. We have been chosen by banks such as Revolut and Standard Chartered's Mox Bank to support their ground-breaking and highly customer-centric card programmes. The technical expertise of our people and understanding of the banking space, mean that Paymentology is able to continuously innovate its services to enable our customers to deliver competitive card products to the market.

About SaltPay

SaltPay, a Fintech with 10 offices across Europe and South Africa, provides SMB business management solutions and FinTech as a service offering. SaltPay’s merchant proposition provides a full-stack solution to help SMBs more efficiently manage and grow their businesses through a product suite of payment acceptance, loyalty and CRM, ordering, ePOS and issuing capabilities that bridge the merchant consumer relationship. SaltPay also provides cloud-based payments and business management software as a service to global FinTechs, payment providers, banks, and MNOs.

About Apis Partners LLP

Apis Partners LLP is an ESGI-native global private equity asset manager that supports growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital. Apis Partners LLP, through its team of c. 30 professionals with deep industry expertise, manages total committed capital from investors (including drawn and invested capital) of over US$1.3B. Including its headquarters in London, Apis has representation in seven countries across Europe, North, East and West Africa and South and Southeast Asia.

Apis Partners LLP is highly conscious of the developmental impact that the provision of growth capital for financial services and financial infrastructure businesses in growth markets can achieve, and as such, financial inclusion is a core tenet of Apis Partners LLP’s approach and investment mandate.

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