Fintech group Capital Appreciation is looking at investing specifically in payments businesses, with its executives saying it can comfortably make an acquisition worth R1bn to R2bn.The company listed as a special purpose acquisition company on the JSE and raised R1bn through a private placement of shares in late 2015. Since then, it has acquired 100% of African Resonance, Dashpay and Synthesis Software Technologies, as well as a 17.45% interest in Resonance Australia.
“One of the bigger attractions now for us is through the Synthesis software initiative. We developed the Halo tap-and-go concept, which is now gathering huge momentum ... and we want to do a lot more of that,” Michael Pimstein, joint CEO at Capprec, told Business Day on Tuesday. The group’s strategy update comes as it reported a 22.5% rise in revenue to R538.1m for the half-year to end-September.