Fintech Lesaka retains Steven Heilbron to lead Connect Group
Dual-listed fintech firm Lesaka Technologies has retained Steven Heilbron as CEO of Connect Group.
Lesaka, which is listed on NASDAQ and the Johannesburg Stock Exchange, announced the move today, saying Heilbron’s role will shift to a focus on corporate strategy, mergers and acquisitions, as well as special projects.
This comes after Lesaka took control of one of SA’s biggest fintech firms, Connect Group, in November for R3.7 billion.
Connect Group, founded in 2006, is one of the leading providers of fintech solutions in the country, serving almost 44,000 micro, small and medium enterprises in South Africa.
Heilbron has been CEO of Connect Group since 2013 and joined Lesaka after the acquisition of Connect in the same capacity.
He has been credited with leading the significant organic growth of the rebranded Connect Group, as well as leading the successful acquisition and integration of Kazang – provider of virtual sales products and services – into Connect Group.
Connect Group is highly profitable, with strong unit economics – characterized by a historic three-year compound annual growth in earnings before interest, taxes, depreciation and amortization (EBITDA) of over 40% for the financial year 2021.
The company has become one of the jewels of Lesaka, Connect Group lifted the fintech firm in the financial year 2022.
Today, Lesaka notified shareholders that it had a new employment arrangement with Heilbron to continue to lead Connect Group, for the period 1 January 2023 to 30 June 2025.
Chris Meyer, CEO of Lesaka Group, comments: “I am delighted that Steven will remain with us until at least 30 June 2025. Steven has been instrumental in growing Connect into a profitable, high-growth and leading South African fintech company, and integrate Connect to the Lesaka group.
“Steven offers deep experience and knowledge in building businesses to scale in expanding markets, supporting Lesaka’s vision to bring financial inclusion to consumers and merchants in southern Africa. Steven’s role will transition to focus on corporate strategy, mergers and acquisitions and special projects.
Heilbron has two decades of financial services experience, having worked for 19 years for Investec in South Africa and the UK, where he served as global head of private banking and joint managing director of Investec Bank plc.
In 2023, he led a private consortium that acquired Cash Connect Management Solutions (Pty) Ltd and led the significant organic growth of the renamed Connect Group.
