Mission: Providing specialised financial and allied services in selected high-risk and under-serviced segments of the financial services sector.

Investment case: Executing on Transaction Capital’s mission creates a compelling and unique investment case.

Download more about our mission and investment case

Transaction Capital is positioned in attractive market segments with specialised capabilities that enable a deep understanding of its chosen markets and a bespoke and robust capital structure generating appropriate risk-adjusted returns.

Transaction Capital is led by skilled and experienced management teams and underpinned by a robust governance framework and sound governance practices which together position it for sustainable growth and the delivery of a meaningful social impact.

CLIENTS will regard Transaction Capital’s businesses as their first choice when utilising the cost-effective, specialised, innovative and differentiated services they provide, while acknowledging the group’s expertise, value and market reputation.

  • Improving and growing customer value propositions through deeper vertical integration within chosen market segments.
  • Ongoing client engagement identifies risks and opportunities which feeds back into improving customer value propositions.
  • Applying specialised competencies, operational capacity, experience and capital to meeting client needs strengthens Transaction Capital’s reputation and market leadership.

EMPLOYEES will regard Transaction Capital and its businesses as leading employers in financial services, providing personal development, advancement and highly competitive compensation in exchange for commitment and performance.

  • Appropriate employee value propositions implemented in each business.
  • Providing work that is meaningful with direct societal impact.
  • Competitive remuneration policies, with select employees participating in the Transaction Capital share appreciation rights plan.

LAW MAKERS AND REGULATORS will regard Transaction Capital and its businesses as approachable, transparent and societally relevant corporate citizens that comply fully with the letter and spirit of all laws, regulations and codes.

  • Centralised legal function with appropriate expertise at divisional level to closely monitor regulatory developments.
  • Ongoing engagement with regulators and appropriate representation on industry bodies, to gain early understanding of proposed legislation and appropriately positioning Transaction Capital for change.

EXECUTIVES AND MANAGERS will regard Transaction Capital’s strategy of empowering executives and devolving responsibility as intellectually stimulating and intrinsically rewarding, while demanding high quality and thought leadership.

  • Diligent adherence to recruitment, assessment, development and succession policies.
  • Compensation aligned to both the specific performance of each business as well as group performance.
  • Development of operational functions and accountability for performance to divisional executives is ongoing.
  • Executive and senior manager participation in the Transaction Capital share appreciation rights plan.

SOCIETY will regard Transaction Capital and its businesses as responsible, caring and societally relevant corporate citizens which contribute to the wellbeing of their communities.

  • Positioning customer value propositions to enhance societal good.
  • Continued corporate social investment to reduce societal inequity.

FUNDERS will regard Transaction Capital and its businesses as financially stable counterparties that exemplify the highest standards of risk management, transparency, disclosure, prudence, innovation, compliance, governance and ethics.

  • Further diversifying investor base through new funding structures and channels through which to invest.
  • Intentional positioning of businesses to maintain defensible positions under challenging economic conditions through effective risk management and mitigation, as evidenced by stable and improved credit ratings.
  • Enhancing funder relationships through ongoing engagement, informal feedback and formally researched funder needs.

SHAREHOLDERS will regard Transaction Capital and its businesses as well understood, respected, transparent and ethical specialised financial services investments that render consistent growth in high quality risk-adjusted returns through innovative entrepreneurship, exceptional risk management and prudence.

  • Maintaining stable earnings and book growth, while rationing capital for credit quality.
  • Devolvement of certain functions to businesses resulting in cost efficiencies and reductions.
  • Continual focus on developing and augmenting the specialist competencies of the divisions.
  • Enhancing investor relationships through ongoing engagement, informal feedback and formally researched shareholder needs.

SUPPLIERS will regard Transaction Capital and its businesses as demanding but fair clients whose expertise, interpersonal skills, efficient administration, financial stability and long-term orientation make them desirable business partners.

  • Ensuring appropriate executive-level interface with providers of goods, services and professional counsel in all businesses.
  • Enhancing the ability to design and implement products and controlling the allocation of capital through supplier engagement (mainly in the insurance business within asset-backed lending) thereby enhancing the customer value proposition.

Transaction Capital's values provide the foundation for effective leadership and are the basis for all deliberations, desicions and actions from board level to every area of the business.

Transaction Capital’s values guide our actions and our interactions with our stakeholders, and are the foundation on which we build our brand and make decisions.

As our values clarify what constitutes acceptable and desirable behavior, we must always strive to align our actions to these values.

While Transaction Capital and its businesses subscribe to a single set of core values, the group remains mindful of the benefits of diversity in business culture among its constituent businesses.

We recognise that integrity goes beyond complying with laws, regulations and company policy –integrity encompasses honesty and fairness, including treating customers fairly (TCF), consistency and appropriate levels of transparency.

We treat everyone with respect, embrace and value diversity, care for and value our people, and do not tolerate any form of discrimination.

We value our people’s contributions. We set goals that are challenging, always strive for high performance and are committed to ongoing learning.

We accept accountability for the organisation’s actions and similarly expect our employees to be accountable and accept responsibility for their conduct, to learn from mistakes and not blame others.

We initiate and embrace change, and use it as an opportunity to adapt to and overcome challenges. We encourage new ideas and discover new ways to address the needs of our stakeholders.

Transaction Capital's strategy is to drive organic growth in each division through deep vertical integration within core and adjacent market segments. As SA Taxi and TCRS gain deeper insight into their respective sectors, underpinned by a maturing understanding of their social relevance, they are able to identify and create more value for all stakeholders.

The core components of Transaction Capital’s strategy are:

Organic growth

Leverage specialised capabilities and develop industry solutions to deepen vertical integration within existing market segments, and apply these competencies to create new positions within adjacent and new market segments, thereby driving organic growth.

Risk and capital management

Judiciously invest equity capital, conservatively leveraged with local and international debt, into accurately assessed asset classes to achieve superior risk-adjusted returns.

Data and technology

Generate in-depth insights from the continuous collection and analysis of diverse, accurate and valuable data sets to enable precise decisioning and proactive risk management.Leverage data, technology and analytics within a dynamic servicing platform to drive profitable growth.

Acquisitive growth

Target quality assets operating within Transaction Capital’s focused market segments that will enhance its capabilities, and whose business models and value can be enhanced through active management.


Develop, engage and reward employees and executives to engender a high-performance culture.


David Hurwitz
TC | Chief Executive Officer
Appointed: April 2012
Jonathan Jawno
Executive Director
Appointed: March 2003
Michael Mendelowitz
Executive Director
Appointed: March 2003
Mark Herskovits
Executive Director: Capital Management
Appointed: January 2014
Sean Doherty
Chief Financial Officer
Appointed: June 2019
Christopher Seabrooke
Independent Non-Executive Director
Appointed: June 2009
Phumzile Langeni
Independent Non-Executive Director
Appointed: June 2009
Kuben Pillay
Lead Independent Non-Executive Director
Appointed: August 2016
Diane Radley
Independent Non-Executive Director
Appointed: July 2018
Buhle Hanise
Independent Non-Executive Director
Appointed: January 2019
Roberto Rossi
Non-Executive Director
Appointed: September 2003
Paul Miller
Non-Executive Director
Appointed: July 2017