Moniepoint Inc, a fintech company based in Nigeria is poised to acquire the entire shareholding of Kopo Kopo Inc, a Kenyan fintech firm renowned for delivering digital financial services, including unsecured short-term loans, to small and medium-sized enterprises (SMEs) in Kenya.
While the exact value of the transaction has not been revealed, it has been approved by The Competition Authority of Kenya. The authority conducted a comprehensive assessment of the merger’s potential implications before giving it the go-ahead.
“We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa. We are delighted to have taken the first step by securing regulatory approval for our plans to provide financial happiness to Kenyans and look forward to progressing the transaction. A further update will be given when appropriate.”
Moniepoint, previously known as TeamApt, has a track record spanning eight years in the Nigerian payments sector.
In Nigeria, Moniepoint functions as a payment gateway and extends services like capital and expansion loans to businesses. Furthermore, Moniepoint offers tools for expense management, including business payment cards as well as accounting and bookkeeping solutions along with insurance services for businesses.
Moniepoint has secured a total of around $100 million in funding. The most recent funding round occurred in August 2022 raising $50 million led by QED Investors, a US-based venture capital firm that specializes in fintech investments.
Kopo Kopo was established in 2010. Since its inception, the company has raised a total of $5.4 million in funding from Accion Venture Lab, Javelin Venture Partners, First Light Ventures, and Khosla Impact.
Apart from providing credit services to businesses, Kopo Kopo facilitates small merchants in accepting mobile money payments from their customers.
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