The Direct Pay Online Group (DPO) has acquired Setcom, which operates SID Instant EFT, the instant electronic funds transfer (EFT) solution in South Africa. The deal will complement DPO’s comprehensive suite of payment solutions across the continent, which currently includes processing for all major cards, mobile money and e-wallets.
Commenting on the investment, Offer Gat, the DPO Group Chairman said: “We are excited to add South Africa’s leading Instant EFT solution to our suite of products, and look forward to working with Setcom’s innovative team, including the founder and instant EFT innovator David Liu. Setcom has been a pioneer in the payments industry for many years, and we have no doubt that they will continue to bring new and innovative solutions to our customers and merchants across Africa.”
Setcom began its operations in 1999 and has been providing secure online card processing to hundreds of South African online merchants since then. In 2007, the company launched SID Instant EFT, a secure payment product that allows real-time funds transfer from a customer’s to a merchant’s bank account through an efficient and easy-to-use online platform. SID has enabled merchants across South Africa to collect instant EFT payments via websites, email or invoices, and has become one of the most popular online payment methods in the country.
The acquisition of Setcom, and the subsequent incorporation of SID Instant EFT into the DPO product suite, will allow DPO to be the first Payment Service Provider (PSP) to offer merchants with a single solution for all their online payment needs, ensuring that through a single and simple integration, merchants will be able to accept payments through card, mobile money and EFT across the African continent.
David Liu, the Setcom founder, said: “Setcom’s goal has always been to help people buy and sell anywhere and at any time, a vision shared by the DPO Group. By joining together, we have no doubt that we will achieve this goal and create the leading payments platform in Africa.”
DPO Group CEO, Eran Feinstein said: “Setcom has continuously innovated and achieved impressive results in the South African payment space. We plan to expand and promote SID to all current and future merchants across our markets so that they may offer this payment option to their customers, further helping them to enhance their businesses.”