Fintech

Lesaka: An Undervalued Fintech Gem (NASDAQ:LSAK)


Young woman paying with mobile phone at a street market

FG Trade

Investment Thesis

Since we last covered Lesaka Technologies, Inc. (NASDAQ:LSAK), the largest fintech company in South Africa, the company has made significant progress in its turnaround efforts, made another acquisition, upgraded management, and is now ready to accelerate growth. However, the stock

Ali Mazanderani’s Relevant Fintech and Payments Experience

Company

Position

Tenure

Company’s Focus and Scale

StoneCo

Investor and Board Member

2016-2022

Publicly traded payments company (STNE) catering to SMBs in Brazil with a market cap of $5.8 billion

Network International

Board Member

2020-21

Publicly traded payments company (LN: NETW) in the Middle East and Africa with a market cap of $2.6 billion. Ali sold EMP Payments to NETW and then was appointed to the board.

Teya

Co-founder & Chairman

2019-Present

Provides payment solutions to SMBs across Europe

Estimated annual revenue of roughly $300 million.

Has raised over $1 billion from blue-chip VCs. Last valued at over $1 billion.

Pine Labs

Investor

2018-Now

Provides payment solutions to SMBs in India.

Has raised over $1 billion from blue-chip VCs.

Last valued at roughly $3 billion.

Kushki

Investor and Board Member

2023 – Present

Payment solutions in Latin America

Annual revenue of $136.5 million and was valued at $1.5 billion in June 2022 after raising $100 million from VCs

Thunes

Investors and Board Member

2020-Present

Global payments network targeting cross-border transactions

Raised a total of $130 million in funding since its inception

Valuation over $900 million as of July 2023

Actis

Partner & Head of Fintech Group

2010-2019

London-based Private Equity firm. $12.5 billion in AUM

Lesaka Technologies

Chairman

2020-Present

Fintech solutions in Africa

Market Cap: USD 240 million as of Feb ’24

Incremental Operating Margin

Quarter ended 6/30/23:

31%

Quarter ended 9/30/23:

43%

Quarter ended 12/31/23:

57%



Source

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