Kenya’s Direct Pay Online Group plans to expand to Nigeria, Ghana, DRC and Mozambique after raising $5 million from the UK-based private equity fund, Apis Partners.
This investment will be used to expand across Africa, strengthening the group’s position through mergers and acquisitions, integrating the systems of all companies under the group, developing the new payments technology and the DumaPay app.
Commenting, the Group Chairman of DPO Offer Gat, said “The additional capital from Apis is a sign of the confidence that our partners have in us, and is a positive reinforcement of the good work we are doing with the business.
“DPO Group has achieved and exceeded the plans laid out in the first phase of the strategic plan. We have established a presence in 12 African countries namely Kenya, Tanzania, Ethiopia, Uganda, Rwanda, Zambia, Zimbabwe, Malawi, South Africa, Namibia, Botswana, and Mauritius. We further plan to set up operations in Nigeria, Ghana, DRC and Mozambique by the end of 2017.”
The DPO Group Chairman also announced that to make this possible, it has completed the acquisition of five companies – Pay Gate and VCS in South Africa, VCS in Namibia and Botswana, and PayThru in South Africa, and are in the final stages of acquiring an additional company which will be announced later this year.
Direct Pay Online Group CEO Eran Feinstein says: “2017 has been an extremely successful year for us and we are very proud of the strides we have made towards the achievement of our goals. This most recent capital injection will help to further the group’s strategic plans in the region which will include the establishment of up to 26 branches across Africa, the acquisition of at least one additional company, and the continuation of our technological distribution across Africa.”
Speaking about their investment in DPO Group, Apis Partners states: “We first invested in the DPO Group because we believed that they are a well-managed business providing quality financial services to African consumers. The group has exceeded our expectations with the gains that they made in the last year and we believe that our additional investment will push DPO further in establishing itself as the leading payments processor in Africa.”
