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SA fintech, Wallettec flips focus to sports betting

South African mobile wallet integration startup Wallettec has pivoted to focus on the sports betting space, where it sees opportunities for growth.

Launched in Cape Town in 2013, Wallettec is a mobile money integration company that has provided mobile payment solutions in more than 14 African countries, including Kenya, Uganda, Namibia, and South Africa.

The company started life working with banking institutions, and later focused on providing merchants and retailers with the ability to accept instant payments without ever sharing any payment or personal information.

Over the last three years, meanwhile, it has shifted its focus to working with mobile money providers and making mobile money more accessible and easier to integrate with multiple providers in multiple countries.

Successes in this space have now led Wallettec to exclusively focus on sports betting, where it believes it can deliver much-needed solutions that are effective, seamless, and of great benefit to the industry. Currently, Wallettec is in operation in more than 10 African countries, working with local partners, to provide hassle-free payment solutions in their local sports betting industries.

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“In my 20 years working in the mobile payment space, I have always been driven by the idea of providing solutions where they are needed the most. I strongly believe that as African entrepreneurs we carry our own solutions as we are very familiar with our problems,” said Johan Meyer, founder and chief executive officer (CEO) of Wallettec.
“This belief is the reason I have always sought to partner with local entrepreneurs in each country where Wallettec is operating. Working with our gaming clients and our local partners within each country, we develop custom tools and payment channels that can help our gaming providers grow their business quickly and successfully.”

Bookmakers do not always have the payment experience needed nor the time to spend on finding the perfect payments partner across all the different countries in Africa. Wallettec’s footprint across the continent and its years of experience assist the industry to make payments hassle-free.

“We want to develop a set of tools that will turn Wallettec into the obvious choice for all things gaming. Most importantly, we don’t only provide payment solutions but we work with our clients by helping them with their growth across Africa. This can only be achieved if you concentrate on a specific industry and make sure all our partners and staff share this vision,” said Meyer.

Wallettec’s suite of products on offer to the African sports betting industry is designed to cover the player, bookmaker and regulators.

The startup has also developed a system for regulators that will convert tax collection into a real-time event, and eliminate all the current tax fraud and collection nightmares.

In 2019, Wallettec also launched its Rewards Wallet, which rewards players and within the first 12 months have given away more than US$70,000 in rewards.