Standard snaps up stake in Firepay

Big Four financial institution Standard Bank has bought a majority stake in Firepay, which produced the SnapScan quick payment app in partnership with the bank in 2014. SnapScan, which allows users to make payments from their mobile device by scanning a QR code, now has more 32 000 physical and online merchants onboard.

"We are excited about working more closely with the Firepay team and think that there is an excellent strategic fit between their capabilities and Standard Bank's vision for a truly universal bank, both in South Africa and throughout the African continent. Firepay's experienced team and industry know-how will be used to bolster Standard Bank's emerging payments strategy," said Wendy Pienaar, Standard Bank's head of emerging payments, in a release.

Kobus Ehlers, Firepay CEO, said:

"Our team is looking forward to building out our payments platform to solve the real-world payments problems we have always focused on, and to provide customers with the best experience possible. We're excited to work with Standard Bank in our mission to achieve this both in South Africa and across the continent."

No further details of the transaction were available. Firepay plans to expand its range of product development and payments services.