On 18 February 2026, the JSE-listed fintech group Araxi Limited (formerly known as Capital Appreciation Limited) announced its intention to acquire an 80% stake in the Pay@ Group for a total consideration of R1 billion. This transaction, facilitated through Araxi's wholly-owned subsidiary, African Resonance, marks a significant consolidation in the South African payments landscape. It moves the target company toward full local ownership by buying out a US private equity firm.
About Araxi Limited
Araxi Limited is a prominent South African provider of payment and software solutions to enterprise clients. The company primarily serves the retail and financial services sectors. Formerly operating as Capital Appreciation Limited, the group rebranded to Araxi in 2025. It owns established brands such as African Resonance, Dashpay, and Synthesis. Araxi focuses on enabling digital finance through contemporary technology, including cloud services, artificial intelligence, and agentic implementations. The company has a history of driving growth through a combination of strong organic performance and strategic acquisitions.
Understanding Pay@ Group
Pay@, founded in 2007, is a leading provider of end-to-end B2B integrated payment solutions. It also boasts significant B2C capabilities. Pay@ operates one of Southern Africa’s most extensive payment networks, with over 9,000 retailer locations, 150,000 mobile Point of Sale endpoints, and 15 digital payment platforms. The group specializes in bill payment aggregation, allowing consumers to pay utilities, insurance premiums, and traffic fines via cash, card, or digital wallets. In the 12 months leading up to the announcement, Pay@ processed more than R60 billion in transaction value. It generated revenue of R271.2 million and maintained a 99.99% system efficacy rate.
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