PayProp, the largest processor of residential letting transactions in South Africa, has recently concluded a series of agreements that significantly changes its shareholding. As of 1 March 2016, GivenGain International has again acquired a majority stake in the business through a significant investment in the South African operating entity.
In addition, a substantial minority shareholding was acquired by African Rainbow Capital, which forms part of the Patrice Motsepe stable and is managed by Johan van der Merwe and Johan van Zyl – both ex-Sanlam executives.
Founded by GivenGain International in 2005 and trading under licence agreement in South Africa ever since, PayProp South Africa gained Naspers as a majority shareholder in 2013. In the three years since PayProp continued to grow from strength to strength. The company is estimated to manage the trust funds of more than 25% of estate agency firms operating rental portfolios, and in doing so has processed more than R6 billion in rental payments over the past 12 months.
This investment by GivenGain International and African Rainbow Capital signals a strong commitment to investing in the South African economy in a manner that enables equity-based transformation in the technology and property industries.