South African payments provider Yoco has hired German banker Carsten Höltkemeyer to take the helm as CEO with effect from June, tasked with scaling the fintech unit into an all-in-one platform for merchants.
When founders step back from the chief executive’s office, hiring externally for the role, it typically signals a step change in a company’s strategy and maturity. In the world of global tech, where the likes of Meta’s Mark Zuckerberg have led their companies for decades, a change at the top also signals greater intent around continuity.
Famously, Amazon’s Jeff Bezos and Google’s Larry Page and Sergey Brin have all stepped back to make way for others to lead.
South Africa still has a number of tech founders that continue to run their businesses successfully, such as Karooooo’s Zak Calisto since 2004 and Datatec’s Jens Montanana, at the helm since 1986. Mustek founder David Kan led the company from 1987 until his passing in May 2022.
In Yoco’s case, the company has been founder-led since 2012.
The decision to hire Höltkemeyer comes nine months after co-founder Katlego Maphai stepped down as CEO. In the interim, fellow founders Lungisa Matshoba and Bradley Wattrus have served as co-CEOs while the fintech company ran a global search for a permanent replacement.
Höltkemeyer has more than 20 years of experience in the European financial services sector, specialising in scaling and restructuring financial institutions. Most recently he served as CEO of Solaris SE from October 2022 to the end of 2025. Solaris develops banking software.
Yoco said it valued Höltkemeyer’s wealth of fintech and financial services experience from his time at Solaris, Barclays, and the Royal Bank of Scotland. Importantly, “he brings deep experience scaling product-led financial services businesses through exactly the kind of inflection point we are entering. The fit was unmistakable,” said the company.
Yoco specialises in payment services for small businesses. The Cape Town-based company makes its money through selling card devices and transaction fees. For each payment a merchant receives through Yoco’s system, the company takes a fee.
The company has described its new phase of growth as one of building “an all-in-one smart commerce platform that takes the latest technological advancements available and puts them in the hands of independent businesses”.
Moving forward, all four founders will remain with the business. Such leadership changes typically allow entrepreneurs to sharpen their focus or explore areas of passion in their respective businesses.
Matshoba and Wattrus will return to their roles as chief product and technology officer and CFO, respectively. Carl Wazen continues as chief business officer, while Maphai remains a guiding force around the company’s strategy.
With fintech companies being the biggest draw for investors in Africa’s startup ecosystem, Yoco has been a big money spinner. In mid-2021 the company raised $83m (about R1.2bn at the time) in a Series C funding round that was regarded as the largest capital raise for a fintech company in South Africa. To date the company has raised $107m.
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