Rand Merchant Investment Holdings (RMI) has acquired minority shareholdings in Entersekt , a South African fintech in a “multi-million-dollar transaction”.
According to the company, the acquisition came through its innovation hub AlphaCode its private equity investment vehicle, BoE Private Equity Investments.
Entersekt develops push-based authentication and app security technology. Entersekt says it has already secured several banking clients including Absa, Nedbank, Capitec, Investec, Swisscard, Equity Bank, Ecobank, Pluscard and First Bank of Colorado
The capital injection will be used to fund international expansion and research and development. All regulatory approvals have been obtained, including the Competition Commission of South Africa.