Matt Putman was once a university student trying to keep a nightclub running smoothly. Today, he’s known for building and selling one of South Africa’s most remarkable fintech companies, iKhokha, in a deal worth R1.65 billion. His journey wasn’t a straight path from vision to victory. Instead, it was a decade of trial, error, persistence, and painful lessons — the kind that shape entrepreneurs who refuse to quit.
At the heart of his story is a mix of frustration, bold risk-taking, and an unrelenting desire to solve problems that others ignored. What began with a broken card machine in a crowded nightclub would eventually transform into a digital payments company trusted by thousands of small businesses across South Africa.
Putman’s rise offers insights for entrepreneurs navigating uncertainty, investors looking for resilient founders, and anyone who wonders how to turn a painful problem into a billion-rand solution.
Early Influences and Entrepreneurial Foundations
Growing up in an entrepreneurial family
The story of Matt Putman begins in a household where entrepreneurship was the default career path. His father, Clive Putman, a PhD in electronic engineering, built and exited businesses in the security hardware industry. This environment nurtured ambition, problem-solving, and a belief that starting something new was always possible.
From a young age, Matt saw firsthand the highs and lows of building businesses. The family dinner table was less about idle chatter and more about ideas, risks, and opportunities. That upbringing gave him an unusual confidence — not arrogance, but a comfort with uncertainty.
The nightclub experiment
As a university student, Putman co-owned a nightclub. It wasn’t just about parties and profit. The venture exposed him to real-world business headaches, including dealing with banks. When customers struggled to pay with cards because of outdated machines, he saw the inefficiency up close. One bad experience with a bank’s card payment system planted the seed that later grew into iKhokha.
Lessons from magazines and global inspiration
Hungry for inspiration, Putman devoured Fortune and Time magazines. During this period, an article on Twitter co-founder Jack Dorsey’s new payments startup, Square, struck a chord. Why couldn’t South Africa have something similar? Why couldn’t small businesses have better tools to accept card payments without expensive banking systems?
That was the spark.
The Birth of iKhokha
Finding the right co-founder
Every great venture needs a partner. For Putman, that was Ramsey Daly, a friend who also grew up in an entrepreneurial family. Together, they shared the vision of making payments simpler, faster, and more accessible.
Involving family expertise
They recruited Matt’s father, whose engineering background became crucial in building a prototype. Within months, they had designed a basic card machine that plugged into an iPhone’s 30-pin connector. Crude, but revolutionary for the South African market.
Early struggles
The first prototype only read card numbers. That was enough to raise seed funding, but the challenges piled up. Apple switched to the Lightning connector, forcing redesigns. Android’s fragmented ecosystem created endless technical headaches. Each hardware tweak meant costly international certifications.
These obstacles nearly sank the startup. Yet, instead of giving up, the team pivoted. They scrapped their own hardware development and partnered with external manufacturers. This decision freed them to focus on what mattered most: distribution, software, and customer experience.
Building Through Pain
Month-to-month survival
There were moments when iKhokha’s future hung by a thread. Funding was uncertain. Salaries were paid on a month-to-month basis. A bad sales month meant sleepless nights for the team. But through it all, Putman and Daly refused to let go.
The culture of resilience
What bonded the early team was grit. Everyone knew survival depended on working harder than ever. Those tough years forged a company culture centered on problem-solving and relentless customer focus.
Cracking product-market fit
Eventually, the persistence paid off. iKhokha’s offering resonated with small businesses, who finally had an affordable, reliable way to accept card payments. Once product-market fit clicked, growth accelerated.
Scaling and Expanding
Beyond hardware
iKhokha evolved from a payments company into a broader fintech platform. They introduced SME cash advances, payment solutions, and business management tools. This diversification strengthened customer loyalty and opened new revenue streams.
Investment partners
Crossfin Holdings, Apis Partners, and the International Finance Corporation became long-term backers. With funding secured, iKhokha could scale operations, refine its software, and expand into new markets.
Competing in fintech
South Africa’s fintech sector became increasingly competitive, with banks launching digital tools and startups crowding the space. Yet iKhokha thrived because it focused on solving real SME problems rather than chasing trends.
The Billion-Rand Exit
In 2025, Nedbank announced an all-cash deal to acquire 100% of iKhokha for approximately R1.65 billion. The acquisition included management lock-ins to ensure continuity and was subject to regulatory approvals.
For Matt Putman and his co-founders, it marked the culmination of more than a decade of persistence. For early investors, it was a major win. For South Africa’s fintech ecosystem, it was proof that local startups could scale, compete, and exit successfully at global levels of valuation.
Putman described the sale not as an end, but as a platform for new growth. Under Nedbank, iKhokha would retain its brand and leadership, while gaining resources to innovate faster and expand further.
Lessons From Matt Putman’s Journey
- Turn frustration into opportunity – A bad card machine experience led to a billion-rand business.
- Surround yourself with problem-solvers – From his father’s engineering skills to co-founder Daly’s drive, collaboration was key.
- Pivot when necessary – Abandoning hardware development was painful but crucial.
- Culture matters – A small, dedicated team pulled through when money was scarce.
- Play the long game – Overnight success is a myth. Ten years of pain, sweat, and patience led to the R1.65 billion exit.
R12500 Youth Grant: Fake News Alert 2025
Conclusion: Matt Putman’s Enduring Impact
Matt Putman is proof that entrepreneurial journeys rarely follow straight lines. From co-owning a nightclub to building a fintech giant, his path shows the power of resilience and vision. What began as a personal frustration ended in a billion-rand acquisition — and a legacy that inspires the next generation of South African founders. His story reminds us that innovation often starts not with grand strategy, but with solving one small, painful problem better than anyone else.
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