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The company was founded as Net 1 UEPS Technologies in 1997, by Serge Belamant, who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the Securities and Exchange Commission for $8 million.
Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure. The company became known for products such as EasyPay and Cash Paymaster Services (CPS).
In 2020, Value Capital Partners invested R580 million into the company and began a process of redefining the strategy, appointing a new board and management team, and strengthening the company's corporate governance.
In 2021, the company appointed Chris Meyers as its new CEO.
In 2022, Net1 rebranded as Lesaka Technologies, which coincided with the R3.7 billion acquisition of the Connect Group.
Meyer stepped down as chief executive in 2023. Upon his departure from the company, Ali Mazanderani was appointed as executive chairman and former chairman Kuben Pillay became lead independent director.