Fintech company Wallettec plans to pivot and focus exclusively on sports betting. Extensive experience in mobile money make them confident of success.
Mobile money integration platform Wallettec has pivoted to focus exclusively on sports betting. The South African-based company, which was launched in 2013 in Cape Town, has provided trusted mobile payment solutions in over 14 countries on the African continent including South Africa, Uganda, Kenya and Namibia. Now, its executives have decided to concentrate on providing the effective and seamless solutions that they believe the sports betting industry has such a great need for.
A True Pioneer
Initially Wallettec worked with banking institutions, later focusing on providing retailers and merchants with the facilities to accept instant payments that did not require any financial or personal information to be shared. Since 2017, the fintech platform has increasingly worked with mobile money providers, helping to make mobile funds more accessible and enabling the service to be offered in multiple countries.
Perfectly Suited to Mobile Betting
Wallettec’s successes in the mobile money provider space and their widespread penetration across Africa have led them to believe they are well-suited to working in the burgeoning mobile sports betting industry. As founder and Chief Executive Officer Johan Meyer explains, in his two decades of experience in mobile payments he’s always been motivated to provide solutions wherever they are needed most. For him right now, mobile betting fits the bill.
Meyer adds that as his company is made up of African entrepreneurs within each country where Wallettec operates, they will be familiar with the problems that mobile money providers face on the continent. The company is familiar with custom-building channels and tools for each country within its reach, which Meyers says will allow gambling providers to grow their businesses and increase their revenue at an accelerated pace.
Ultimately, Meyer’s vision is to develop tools that make Wallettec “the obvious choice”. Importantly, he notes, their service will not stop with providing payment solutions – they’ll also help clients to grow and expand across Africa. By focusing on the sports betting industry only, and creating tools to cover bookmakers, gamblers and regulators, Meyer is confident his startup will be able to do that.