Nairobi based Pan-African FinTech payment firm DPO to be taken over by Dubai, UAEs FinTech digital payment giant Network International

A pan-African Nairobi based technology-backed FinTech payments enabler DPO (Direct Pay Online) group has been taken over by the Dubai, UAE based FinTech Digital payments giant Network International, heading its operations across pan MEA and MENA regions for an estimated $288 Million.

This acquisition would therefore strengthen the Network International’s group presence pan Africa, by providing payments firm a direct access for an extensive as well as a diversified range of direct merchant relationships.

The DPO group founded in the year 2006, has by far emerged as the huge online commerce and as well as digital payment platform operating pan African territory with an overall revenue netted $16 million during previous year and is present across 19 nations alongside South Africa, Kenya and Tanzania representing major markets.

 The group has in overall witnessed swiftest growth in its revenue compounded annual growth rate (CAGR) which has stood between 40 percent between 2017-2019. Within the June 2020, itself, the firm has in itself gained in excess of 4,400 clients, which is an all time high ever for the Kenyan firm.

As per the experts, digital and online payments market in Africa is expected to surge at 19% CAGR during next five years with the current crisis expected to accelerate this growth.

DPO Group powers e-commerce as well as the telecom financial services for 47,000 retailers throughout magnificent manufacturers with the aid of donation for multiple distribution channels with over the ground availability for recruiting merchants, combined with direct connectivity for obtaining banks.

The achievement consolidates and intensifies the Network International’s presence among Africa as well as offers the strong a straightway compatible commercial enterprise among Africa throughout Merchant or Issuer Solutions.

The deal additionally brings direct service provider and Mobile Network Operator (“MNO”) relationships, broadening Network International’s commercial enterprise within Africa across the whole payments value chain.

DPO’s high-value exit is one of the initial Africa’s fintech start-up view in imitation till date. It follows a month then MFS Africa, the pan-African payments gateway, acquiring the payments fintech firm Beyonic.

Simon Haslam, the Chief Executive officer, commented that: “Africa is a vast as well as a diverse continent, representing the global nearly under-penetrated, rising and quickly growing payments markets, where we have witnessed current signs regarding an acceleration within these trends. DPO will in addition strengthen our arrival in Africa, powering our position throughout the whole payments value chain as well as accelerate our growth.”

The DPO transaction desire stay almost absolutely funded via the overall proceeds from an equity placing representing 10% over the Company’s current issued share capital; $50 Million dealer negotiation shares issued to Apis Growth Fund I, managed with the aid of Apis Partners (“Apis”) as well as $13 Million negotiation shares issued in conformity with the DPO co-founders.

Any small remaining balance is to be funded by way of existing debt facilities. Since its initial launch in 2006, DPO has made five acquisitions of its own. The latest of these acquisitions was PayFast, a South African payments processing service.

DPO has a firm desire for establishing strong Network in Tanzania, Uganda, Zambia, Rwanda, Ethiopia, Zimbabwe, South Africa, Namibia, Botswana, Malawi, Mauritius, Ghana then Nigeria.

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