Capitec has breached the R500bn market valuation mark, the fastest South African company to reach the milestone, with the lender’s early investors raking in billions of rand in shareholder value and 17,000 direct jobs created since the company burst onto the scene in the early 2000s.
The Stellenbosch-based bank reached the milestone on Friday and is now within striking distance of FirstRand on the JSE, valued at R513bn.
Capitec’s market value has surged by about R90bn since October, when it reported its interim results — giving new CEO Graham Lee a solid start after a carefully planned succession.
The company on Friday would not be drawn to comment on its market value, saying it doesn’t opine on market-related matters.
“Our focus has always been our clients and building innovative solutions for their needs. We will continue to listen to our clients and work tirelessly to serve their needs. Further details about where we will focus our efforts in the future will be communicated in our annual results announcement in April,” the bank told Business Day.
FirstRand, Africa’s most valuable banking group, reached the milestone in December, while Africa’s largest bank by assets, Standard Bank, was valued at R475bn on Friday.
The exponential growth of Capitec, valued at R2.2bn at the end of its 2006 financial year, is astounding consideringit was founded more than a century after its main competitors. To put the growth in context, the group is worth more than the valuations of Absa and Nedbank combined.
The lender’s growth is a far cry from when it was listed in February 2002, reporting earnings for the 2003 financial year of R30m. The surge in Capitec’s share price over the two decades has made its founders incredibly wealthy, chief among them Michiel le Roux and Jannie Mouton. According to Forbes, Le Roux is worth $3.4bn (R56bn), while the Mouton family’s wealth is estimated at $2.4bn (R39bn).
An investment of R100,000 in Capitec in 2006 would be worth more than R15m now — underscoring the enormous value created by the bank over the past two decades.
The bank’s offering has resonated with consumers in all income groups, growing its client base from 600,000 in 2006 to 25-million in 2025.
The total value of loans advanced by the group grew from R2.8bn in 2006 to R73bn in the 2025 financial year, while its assets surged from R1.2bn to R238.4bn in the period. Headline earnings grew from R116m in 2006 to R13.7bn in 2025.
The period 2013 to 2025, under the leadership of erstwhile CEO Gerrie Fourie, was one of exponential growth, growing its customer base by more than 15-million.
As the bank evolved from an unsecured lender to a fullyfledged banking proposition, so did its business model.
The group’s client base earning more than R50,000 accounted for 20% of its credit sales in the six months ended August 2025.
The group has set a target of becoming a leading payments provider in South Africa. To this end, it has in previous years introduced PayShap, Apple Pay, Garmin Pay, Google Pay and Samsung Pay, and last year launched international payments on its app.
“We have established a solid foundation for long-term growth and will continue innovating to help our clients grow. Optimising our ecosystem will enable us to scale our businesses, unlock value for our clients and ensure we deliver a single service experience to all our clients,” the company said in its 2025 annual report.
“The developments we have made in the payment channels during the past few years are part of our goal to become the leading payment provider in South Africa.
“We see growth potential in the informal economy [emerging market] in South Africa. There is a need for credit, insurance, value-added services, payment channels, education and support that has not previously been addressed. We will work towards meeting this need.”
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