From PayFast to iVeri: Jonathan Smit’s next Fintech chapter

Motheo Khoaripe speaks to Jonathan Smit, co-founder of PayFast and fintech pioneer, about the evolution of South Africa’s digital payments landscape.

Listen to the interview in the audio player below the article.

Few entrepreneurs have had as much influence on South Africa’s digital payments landscape as Jonathan Smit.

Best known as the co-founder of PayFast, Smit played a key role in helping South Africans trust online transactions at a time when e-commerce was still in its early stages. Back then, convincing both businesses and consumers to move money online was no easy task.

He founded PayFast alongside Andy Higgins in 2007

Through PayFast, Smit and his team helped change that mindset. The platform grew into one of the country’s leading payment gateways, enabling thousands of businesses to accept online payments safely and efficiently.

It was a classic startup journey, building from the ground up, solving real problems, and scaling quickly in a market that was still finding its feet.

Smit eventually decided to sell the business in 2021, but soon found himself back in the fintech space, eager to bring a new energy into the fast moving world of ecommerce.

His latest move is the acquisition of iVeri, one of the continent’s longest-standing payment technology firms. The deal marks a new chapter, not just for Smit, but for the broader payments ecosystem in Africa.

Speaking to Motheo Khoaripe on The Money Show, Smit says the industry has rapidly changed and continues to do so, but he is eager to shape the future of ecommerce in South Africa and the African continent. 

"The payments industry is a tough one, because it's fraught with regulation. But then there's also threats. I mean, you have a red target on your back when it comes to the fact that you handle money. So it's an incredibly hard business."

- Jonathan Smit, founder and former CEO - PayFast

"As a founder, as an entrepreneur you always have a element of imposter syndrome. You always have an element of self-doubt. I don't think I really believed in the success of the business until way later."

- Jonathan Smit, founder and former CEO - PayFast

"You've got to follow a passion. I think what drove me was a passion for this space, and a passion for what I'm doing. And without that passion, you're going to run our of enthusiasm."

- Jonathan Smit, founder and former CEO - PayFast