Nigerian fintech Moniepoint acquires Kenyan startup Kopo Kopo
Moniepoint Inc., a Nigerian fintech company, has received regulatory approval to acquire Kopo Kopo, a Kenyan credit startup. The transaction value has not been disclosed.
The Competition Authority of Kenya (CAK) granted the approval on August 22, 2023, after a review of the proposed acquisition.
The CAK said the acquisition was unlikely to negatively impact competition in the digital credit market.
Moniepoint is a payments and lending platform that provides businesses and individuals access to financial services.
Kopo Kopo, meanwhile, is a credit scoring and lending platform that uses data from mobile phones to assess the creditworthiness of borrowers.
The acquisition of Kopo Kopo will allow Moniepoint to expand its operations into Kenya and other East African countries.
The acquisition is also a sign of the growing maturity of the African fintech market.
The acquisition is expected to close in the coming weeks.
In addition to the above, here are some other details about the acquisition:
– Moniepoint is backed by investors such as Tiger Global Management, Sequoia Capital, and Accel Partners.
– Kopo Kopo is backed by investors such as Partech Africa, 500 Startups, and Founders Factory Africa.
– The acquisition will help Moniepoint expand its reach in Kenya and other East African countries.
– The acquisition is also expected to help Moniepoint develop new financial products and services.
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