The competitors regulator in Kenya has given Moniepoint, the Nigerian fintech that gives enterprise funds and banking platforms, the inexperienced mild to amass Kopo Kopo, a Kenyan-based firm providing funds providers and credit score to companies.
Following the approval by Competitors Authority of Kenya (CA), Moniepoint (previously TeamApt) will develop its providers to Kenya persevering with its development plans throughout the continent. Moniepoint, one among Nigeria’s largest enterprise funds and banking platforms, is stated to be eager on increasing to new markets which have a mature banking or funds infrastructure.
Kopo Kopo permits small retailers to simply accept cellular cash funds from their clients, and Moniepoint is eyeing Kenya’s mature cellular cash market which is dominated by Safaricom’s M-Pesa service.
“The Competitors Authority of Kenya has accepted the proposed acquisition of 100% shares in Kopo Kopo Inc. by Moniepoint Inc. unconditionally…This approval has been granted based mostly on the 2 key concerns through the merger evaluation that; first, the transaction is unlikely to negatively affect competitors available in the market for digital credit score; and second, the transaction is not going to elicit unfavourable public curiosity considerations,” stated CA in a press release.
Kopo Kopo was based by in 2010 by Ben Lyon and Dylan Higgins, and has thus far raised $5.4 million backed by Accion Enterprise Lab, Havelin Enterprise Companions, First Mild Venures, and Khosla Affect, in line with Crunchbase.
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