Ecentric Payment Systems, a South Africa based payment processor, received a strategic investment from FSS (Financial Software and Systems), a global payments technology company.
The amount of the deal was not disclosed. FSS has acquired a 46% stake in Ecentric through a combination of primary and secondary investments, with a potential to further its stake holding, with a clear intent to expand its market presence in Africa. With the investment, FSS can immediately tap into the market for merchant processing and payment solutions in Africa.
FSS is a global leader in delivering integrated payment solutions with a portfolio of 130 customers globally and with two decades of experience in the payment’s domain. The company’s product portfolio spans the complete payments spectrum including Issuance, Acquiring, Smart Reconciliation, Digital Banking, Digital Security, Payment Processing and Switching and Payment Analytics.
Led by Hassen Sheik, CEO, Ecentric is a payment switching and retail value added services provider with a customer portfolio comprising 50+ Tier-1 banks and retailers. It processes transactions for a majority of Tier-1 retailers and, small and specialized retail outlets. The product and service offerings include Card Processing, Value Added Services, Remittances, Issuing, Cash Management and Reconciliation.
Ecentric is a Standard Bank subsidiary.