According to Odaily Planet Daily, South African fintech startup Lesaka Technologies recently signed an agreement to acquire payment solution provider Adumo for approximately $86 million. Under the terms of the agreement, Lesaka Technologies will pay Adumo $12.5 million in cash, which comes from internal and external financing institutions. As part of the acquisition, Lesaka Technologies will issue 17,279,803 common shares to Adumo's major shareholders. Some of Adumo's major shareholders will receive Lesaka Technologies shares, including Apis Growth Fund I, a private equity fund managed by British venture capital firm Apis Partners, and African Rainbow Capital (ARC) under South African billionaire Patrice Motsepe.