Hassem Prag
HassemPrag is a Johannesburg-based fintech that builds HP24, a cloud-native modular digital banking platform, and provides integration services to financial institutions across South Africa and broader Africa for legacy core banking modernization.
- Company typePrivate
- Founded2017
- HeadquartersJohannesburg, South Africa
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Hassem Prag does
HassemPrag (legal name Hassem Prag) is a privately held South African fintech founded in 2017 and headquartered at 2 Sussex Road, Parkwood, Johannesburg. The company builds and sells HP24, a cloud-native digital banking platform designed to modernize legacy core systems at financial institutions in South Africa and across Africa. Its go-to-market is consultative enterprise sales targeting medium-to-large enterprises in financial services, with a partnership-driven distribution model anchored by a strategic alliance with UK-based 10x Banking announced in February 2026.
The HP24 platform is built on an open-source foundation with a modular, extensible architecture intended to integrate with and extend existing legacy infrastructure rather than require rip-and-replace migrations. Functional components span payments, wallets, deposits, investments, lending, statements, GL interfaces, a data warehouse, analytics, back-office support, and an international banking capability layer covering forex and multi-currency transactions. The firm also packages a cybersecurity framework (MFA, encryption, threat monitoring, penetration testing) and markets domain expertise in African regulatory and currency dynamics as a wedge against global competitors. The executive team, led by co-founders Mo and Jay (with Jay Prag as CEO), claims over 200 years of combined financial-services experience.
HassemPrag monetizes through a combination of HP24 platform licensing (subscription / multi-year enterprise contracts) and professional services for regional integration and implementation. Pricing is quote-based with no publicly disclosed tiers. Named enterprise clients include Absa, FNB, Bidvest, Altron, NBS, SAICA, and ISFAP. The 10x Banking partnership extends the firm's reach by combining its African implementation expertise with 10x's cloud-native core banking technology, enabling de-risked modernization deployments measured in months rather than years. The company is bootstrapped with no disclosed external funding rounds, investors, or parent entities, and operates with a headcount band of 11-50 employees.
Hassem Prag firmographics
Firmographics- Name
- Hassem Prag
- Legal name
- Hassem Prag
- Website
- https://hassemprag.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- HassemPrag is a Johannesburg-based fintech that builds HP24, a cloud-native modular digital banking platform, and provides integration services to financial institutions across South Africa and broader Africa for legacy core banking modernization.
- Ownership category
- akta.pro rank
Hassem Prag industry classification
Industry- Product category
- Digital Banking Platform / Core Banking Software
- NAICS
- Computer Systems Design Services (541512)
- SIC
- Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations) (FSAGAAAI)
- akta.pro secondary industry
- SME Lending Platforms & Embedded SME Credit (FSAKAGAJ)
Keywords
Where Hassem Prag is headquartered
LocationHeadquarters
- HQ city
- Johannesburg
- HQ country
- South Africa
- HQ region
- Africa
Offices1 record
Markets served
Hassem Prag business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- HP24 Platform Licensing: The company offers its HP24 digital banking platform as a software solution, likely through licensing or subscription arrangements with financial institutions seeking to modernize legacy systems.
- Implementation and Integration Services: Regional integration and implementation expertise provided as part of the partnership with 10x Banking to help African banks modernize legacy infrastructure while avoiding disruptive migrations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Custom enterprise pricing based on scope and requirements |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels3 records
Hassem Prag product offering
Product offeringCore offering
HassemPrag develops and licenses HP24, a cloud-native digital banking platform built on an open-source foundation with modular and extensible architecture. The platform delivers end-to-end banking capabilities including payments, wallets, deposits, investments, lending, statements, GL interfaces, data warehouse, analytics, and back-office support, enabling financial institutions to digitize and extend legacy core banking systems without disruptive full replacements. The company complements the platform with regional integration and implementation services for African financial institutions.
Product overview
Hassem Prag offers a single unified digital banking platform called HP24, which combines modular banking capabilities with an open-source foundation. The platform provides a comprehensive suite of components including Payments processing, Wallets, Deposits, Investments, Lending, Statements, GL Interfaces, Data Warehouse, Analytics, and Back Office Support. The modular architecture allows financial institutions to update and digitize legacy systems while integrating existing infrastructure and extending legacy functions.
Differentiator
Problem solved
Functional benefit
Brands
- HP24: Digital banking platform designed to seamlessly update and digitize legacy systems, offering payments, wallets, deposits, investments, lending, statements, GL interfaces, data warehouse, analytics, and back office support modules.
Products and services
- HP24 Banking Platform Cloud-native digital banking platform designed to transform operations and digitize legacy systems for financial institutions. Delivers modular components covering payments, wallets, deposits, investments, lending, statements, GL interfaces, data warehouse, analytics, and back-office support, with modular and extensible architecture that integrates and extends existing legacy systems while reducing the need for full replacements.
- Implementation and Integration Services Professional services that combine HassemPrag's regional integration expertise with 10x Banking's cloud-native core banking platform to help African financial institutions modernize legacy core banking infrastructure without disruptive migrations.
Companies that use Hassem Prag
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Hassem Prag technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Hassem Prag partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- 10x BankingcoreStrategic partnership between 10x Banking (UK-headquartered cloud-native core banking provider) and HassemPrag (South African digital banking platform) to help African financial institutions modernize their legacy core banking systems. The partnership combines 10x Banking's cloud-native infrastructure with HassemPrag's regional expertise. The collaboration addresses mounting pressures banks face from evolving regulations, rising fintech competition, and spiraling legacy maintenance costs. The partnership enables modular, de-risked digital transformation that can be deployed in months rather than years.
Scale indicators3 records
Recent moves5 records
Hassem Prag competitors and assessment
Company assessmentDirect peers
- 10x Banking: UK-headquartered cloud-native core banking platform and HassemPrag's strategic partner. Both target legacy core banking modernization at financial institutions with overlapping modular banking capabilities including deposits, lending, and payments.
- nCino: Cloud banking platform for financial institutions covering commercial, retail, and mortgage workflows. Comparable in serving mid-to-large banks seeking modernization of legacy systems via subscription SaaS.
- Thought Machine: Cloud-native core banking technology vendor with the Vault platform serving global tier-1 and tier-2 banks. Comparable to HassemPrag's HP24 in targeting legacy core replacement with modular SaaS architecture.
- Mambu: Cloud-native core banking SaaS platform serving banks and lenders globally with composable banking architecture. Directly comparable to HP24 in modularity, API-first design, and target customers (financial institutions modernizing legacy systems).
- Backbase: Digital banking platform provider helping banks accelerate digital transformation via engagement banking and platform unification. Highly comparable in targeting bank modernization and offering modular banking capabilities.
Broad incumbents
- Finastra: Major financial software provider offering core banking, lending, payments, and treasury solutions to global banks. Overlaps with HP24 on banking modernization and lending capabilities across large enterprise customers.
- Temenos: Global incumbent in core banking software serving 3,000+ banks with a broad portfolio including core banking, payments, wealth, and analytics. Competes with HP24 for core modernization budgets at much larger scale and breadth.
- FIS: Large financial technology provider with deep core banking, payments, and capital markets offerings. Competes broadly with HP24 for tier-1 and tier-2 bank modernization engagements across global markets.
Regional players
- Appzone: African fintech providing core banking, digital banking, and lending software to banks across Nigeria and other African markets. The most direct regional peer to HassemPrag in African banking infrastructure.
- Interswitch: Pan-African digital payments and commerce platform with banking infrastructure products. Comparable as a regional peer addressing payments and banking modernization needs across multiple African markets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Hassem Prag social profiles
Digital presenceHassem Prag financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hassem Prag leadership team
Management profileNumber of profiles
Profiles2 records
Hassem Prag funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hassem Prag M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hassem Prag
What does Hassem Prag do?
HassemPrag develops and licenses HP24, a cloud-native digital banking platform built on an open-source foundation with modular and extensible architecture. The platform delivers end-to-end banking capabilities including payments, wallets, deposits, investments, lending, statements, GL interfaces, data warehouse, analytics, and back-office support, enabling financial institutions to digitize and extend legacy core banking systems without disruptive full replacements. The company complements the platform with regional integration and implementation services for African financial institutions.
Is Hassem Prag a public or private company?
Hassem Prag is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Hassem Prag founded?
Hassem Prag was founded in 2017. It employs 11 to 50 people.
Where is Hassem Prag based?
Hassem Prag is headquartered in Johannesburg, South Africa, in the Africa region.
How does Hassem Prag make money?
Two revenue lines are on record. HP24 Platform Licensing is the primary driver. The others are implementation and Integration Services.
Who are Hassem Prag's main competitors?
Direct peers on record are 10x Banking, nCino, Thought Machine, Mambu and Backbase. Broad incumbents are Finastra, Temenos and FIS. Regional players are Appzone and Interswitch.
Does Hassem Prag have an API?
No public API is recorded for Hassem Prag.
What industry is Hassem Prag in?
Hassem Prag's product category is Digital Banking Platform / Core Banking Software. Its primary akta.pro industry code is FSAGAAAI, SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations), with a secondary code of FSAKAGAJ, SME Lending Platforms & Embedded SME Credit. Its NAICS code is 541512 and its SIC code is 7373.