Checked 27 October 2026
Where the facts about this donor come from
Every fact on the donor page, with the sources we used. We save a copy of each source on the day we read it.
What is FYNBOS KAPITAAL PROPRIETARY LIMITED?
Who it is
Michiel le Roux, director (Capitec founder).
Daily Maverick. Published 13 March 2024.
Where to look: Paragraph on top donors: "Investment companies Fynbos Ekwiteit and Fynbos Kapitaal, which have Capitec founder Michiel Le Roux as a director"
What did the parties declare?
The IEC funding reports
This donor gave the DA 2 donations worth R38 000 000, as declared to the IEC. They were made between January and June 2026.
Electoral Commission of South Africa (IEC). Published 29 May 2026.
Where to look: The table of donations the parties declared (section 9(1)) and the late declarations table, under the party that declared it
Electoral Commission of South Africa (IEC). Published 27 August 2026.
Where to look: The table of donations the parties declared (section 9(1)) and the late declarations table, under the party that declared it
What has been reported?
Official records and news
The IEC said in August 2025 that Fynbos Kapitaal is "a company linked to Capitec founder Michiel le Roux".
Electoral Commission of South Africa (IEC). Published 28 August 2025.
Where to look: "Democratic Alliance (DA) – R32 229 474.29", paragraph 2: "Fynbos Kapitaal (Pty) Ltd, a company linked to Capitec founder Michiel le Roux"; "While both entities appear to share the same ownership, they are distinct juristic persons and each therefore has its own applicable donation threshold."
Daily Maverick reported in 2024 that le Roux is a director of both Fynbos Kapitaal and Fynbos Ekwiteit. It called them investment companies.
Daily Maverick. Published 13 March 2024.
Where to look: Paragraph on top donors: "Investment companies Fynbos Ekwiteit and Fynbos Kapitaal, which have Capitec founder Michiel Le Roux as a director"
The IEC said in August 2025 that Fynbos Ekwiteit and Fynbos Kapitaal "appear to share the same ownership". But the law treats them as two separate donors, each with its own donation limit.
Electoral Commission of South Africa (IEC). Published 28 August 2025.
Where to look: "Democratic Alliance (DA) – R32 229 474.29", paragraph 2: "Fynbos Kapitaal (Pty) Ltd, a company linked to Capitec founder Michiel le Roux"; "While both entities appear to share the same ownership, they are distinct juristic persons and each therefore has its own applicable donation threshold."
Business Day says Michiel le Roux co-founded Capitec Bank, was its first chief executive and later its chair. It says he still owns more than 10% of the bank.
Business Day. Published 8 July 2026.
Where to look: Background paragraph: "He served as the bank’s inaugural CEO in 2001-04 and as its chair in 2007-16 and remains one of the bank’s largest shareholders, with a stake of more than 10%."
Daily Maverick reported that the DA got R58 million in 2025/26 through companies linked to Michiel le Roux. So he is behind one of the DA's largest sources of declared money.
Daily Maverick. Published 31 May 2026.
Where to look: Section "DA’s R122m": "Over the 12-month period, the DA’s most notable donations were R58-million through companies linked to Capitec Bank co-founder Michiel le Roux"
The IEC said Fynbos Kapitaal gave the DA R25 million in April to June 2026. Together with Fynbos Ekwiteit's R30 million, that is R55 million in one quarter.
Electoral Commission of South Africa (IEC). Published 27 August 2026.
Where to look: "Democratic Alliance – R104 million": "R 30 million from Fynbos Ekwiteit (Pty) Ltd"; "R 25 million from Fynbos Kapitaal (Pty) Ltd"
Daily Maverick reported in 2023 that Michiel le Roux sat on a three-person panel that reviewed the DA's 2019 election losses. So he has also helped the DA in ways other than money.
Daily Maverick. Published 10 September 2023.
Where to look: Section "What influence?": "he was one of three members of a review panel looking into the DA’s electoral decline in 2019, alongside former party strategist Ryan Coetzee and former party leader Tony Leon"
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