The competitors regulator in Kenya has given Moniepoint, the Nigerian fintech that gives enterprise funds and banking platforms, the inexperienced gentle to amass Kopo Kopo, a Kenya-based firm providing funds companies and credit score to companies.
Following the approval by Competitors Authority of Kenya (CA), Moniepoint (previously TeamApt) will broaden its companies to Kenya persevering with its progress plans throughout the continent. Moniepoint, one among Nigeria’s largest enterprise funds and banking platforms, is mentioned to be eager on increasing to new markets which have a mature banking or funds infrastructure.
Kopo Kopo permits small retailers to just accept cellular cash funds from their prospects, and Moniepoint appears to be eyeing Kenya’s mature cellular cash market which is dominated by Safaricom’s M-Pesa service.
“The Competitors Authority of Kenya has permitted 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 influence competitors out there for digital credit score; and second, the transaction won’t elicit unfavorable public curiosity issues,” mentioned CA in an announcement.
Kopo Kopo was based by in 2010 by Ben Lyon and Dylan Higgins, and has to date raised $5.4 million backed by Accion Enterprise Lab, Havelin Enterprise Companions, First Gentle Venures, and Khosla Impression, in response to Crunchbase.
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