Moniepoint cleared to acquire Kenyan fintech Kopo Kopo | TechCrunch

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 expand its services to Kenya persevering with its progress plans throughout the continent. Moniepoint, one in all Nigeria’s largest enterprise funds and banking platforms, is said to be eager on increasing to new markets which have a mature banking or funds infrastructure.

Kopo Kopo allows small retailers to just 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 issues through the merger evaluation that; first, the transaction is unlikely to negatively affect competitors out there for digital credit score; and second, the transaction won’t elicit detrimental public curiosity issues,” stated CA in a press release.

Kopo Kopo was based by in 2010 by Ben Lyon and Dylan Higgins, and has up to now raised $5.4 million backed by Accion Enterprise Lab, Havelin Enterprise Companions, First Mild Venures, and Khosla Affect, based on Crunchbase.

Extra to observe