MEDIUMBuilt-inGeographic
South Africa
“10-K Item 1: 'approximately 3,900 employees operating on the ground in five countries: South Africa (our primary market), Namibia, Botswana, Zambia and Kenya'”
LSAK · Concentration risk · 10-K extracted
Lesaka Technologies (LSAK) concentration risks
Updated
The most significant concentration Lesaka Technologies discloses is South Africa, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Lesaka Technologies’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM4
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inCustomer
permanent grant beneficiaries
“10-K Item 1: 'we had approximately 2.1 million active consumers of which approximately 89% are permanent grant beneficiaries'”
MEDIUMOutside partyCounterparty
third-party bank
“10-K Item 1: 'We do not have a South African banking license and, therefore, we provide our banking offering through an arrangement with a third-party bank.'”
MEDIUMOutside partySupplier
software and hardware suppliers
“10-K Item 1: 'We are dependent on a limited number of software and hardware suppliers.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-25Lesaka's disclosed concentrations are a mix of structural and dependency exposures, all medium-share and none carrying a disclosed revenue percentage. Structurally, the business operates across several countries but South Africa is described as its primary market, so results are tied to one economy, currency and regulatory environment. Its consumer base is similarly concentrated: approximately 89% of approximately 2.1 million active consumers are permanent grant beneficiaries, which links a large part of the user base to government social-grant payments and policy. The dependency exposures are the more idiosyncratic ones. Lesaka does not hold a South African banking license and provides its banking offering through an arrangement with a third-party bank, so a change in that relationship could disrupt a core product. It is also dependent on a limited number of software and hardware suppliers, which could affect operations or costs if a supplier were lost. Netting these out, the South Africa and grant-beneficiary exposures set the macro and policy backdrop, while the banking partner is the single counterparty most able to move the verdict.
For the engine’s reasoning on LSAK’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Infrastructure
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AIRJ | AirJoule Technologies Corporati | 3 | 0 | 0 | 3 |
| ACLX | Arcellx, Inc. | 1 | 1 | 0 | 2 |
| LSAK● | Lesaka Technologies, Inc. | 0 | 4 | 0 | 4 |
| AIOT | PowerFleet, Inc. | 0 | 2 | 0 | 2 |
| AIV | Apartment Investment and Manage | 0 | 1 | 0 | 1 |
| ADV | Advantage Solutions Inc. | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.