Kopo Kopo Inc, a Kenyan fintech company well known for providing digital financial services, including unsecured short-term loans, to small and medium-sized firms (SMEs) in Kenya, is poised to be fully acquired by Nigerian fintech startup Moniepoint Inc.
The transaction’s precise value has not been made public, but The Competition Authority of Kenya has given it the thumbs up. Before approving the transaction, the authority thoroughly examined any potential ramifications.
“As part of our objective to bring monetary happiness to individuals all over Africa, we have a publicly declared stake in Kenya. In order to bring financial security to Kenyans, we are happy to have taken the first step by obtaining regulatory permission. We now look forward to moving the transaction forward. The suitable time for a new update will be announced.
Eight years of experience in the Nigerian payments industry have been accumulated by Moniepoint, formerly TeamApt.
As a payment gateway in Nigeria, Moniepoint also offers businesses money and expansion loans. Moniepoint also provides instruments for managing expenses, such as business credit cards, accounting and bookkeeping services, and company insurance.
Around $100 million worth of funding has been obtained by Moniepoint. The most recent round of fundraising, which raised $50 million, was headed by US-based venture capital company QED Investors, which specializes in investments in the fintech sector.
Founded in 2010, Kopo Kopo. Accion Venture Lab, Javelin Venture Partners, First Light Ventures, and Khosla Impact have all provided the company with a total of $5.4 million in funding since its founding.
Kopo Kopo helps small businesses accept payments made by mobile money from their clients in addition to offering credit services to enterprises.