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Lesaka Technologies: The Fintech Darling That’s Turning Heads

Lesaka Technologies, the Johannesburg-based fintech specialist, has pulled off a stunning turnaround. Last year, the company was hemorrhaging R275 million in operating losses. But in the year to end-June 2024, Lesaka flipped the script, reporting a whopping R67 million in operating profits.

But that’s not all. Revenue skyrocketed by 11% to R10.6 billion, and the company’s adjusted EBITDA (a measure of operational profitability) shot up by 55% to R691 million. To put that in perspective, Lesaka’s adjusted EBITDA was in the red just two years ago, with a loss of R328 million.

The company’s merchant division saw a 12% year-on-year increase in revenue, while the consumer division grew by 15%. But it’s the consumer division that’s really caught our attention, with segment adjusted EBITDA ballooning fourfold to R274 million.

"We’re not just turning the corner, we’re accelerating," said Lesaka’s executive chairman, Ali Mazanderani. "We’re guiding for adjusted EBITDA of R900 million to R1 billion in FY2025."

So, what’s behind Lesaka’s remarkable turnaround? It’s not just about cost-cutting or clever financial engineering. The company’s focus on its consumer division, which has become a profit and cash flow powerhouse, is a key driver of its success.

"We’ve worked hard to turn the consumer division into a key contributor to the group’s profitability," said Lesaka’s Southern Africa CEO, Lincoln Mali. "It’s a testament to our teams’ hard work and dedication."

With Lesaka’s shares on the rise, investors are taking notice. Will this fintech darling continue to defy expectations and deliver stunning returns? Only time will tell.