Kopo Kopo, a prominent fintech firm in Kenya known for providing short-term loans to businesses, has announced the appointment of Dennis Ondeng as its new Chief Executive Officer (CEO). This strategic leadership transition takes place over a year after the Kenyan competition authority greenlit the startup’s acquisition by Moniepoint Inc., a Nigerian neobank, in a process that began 13 months ago.
In addition to the CEO appointment, the company has brought on board Chad Larson to serve as the Chief Financial Officer (CFO), while Kibet Yegon will continue to lead as the Chief Technology Officer (CTO). The role of Chief Risk Officer (CRO) has been entrusted to Rosemary Muyeshi.
Kopo Kopo expressed its optimism in a statement, stating, “We are confident that this dynamic leadership team will further Kopo Kopo’s mission and continue to deliver solutions for businesses in Kenya.” Despite these significant changes at the helm, Moniepoint communicated that the acquisition process of Kopo Kopo is still underway and has yet to reach completion. “The transaction is still ongoing but hasn’t been completed yet,” Moniepoint clarified.
Kopo Kopo has been on a profitable trajectory since its Series B funding round in 2015, which raised $2.1 million. The company has described its valuation as being in the “low tens of millions,” although it has chosen not to disclose exact figures. Should the acquisition be finalized, it would enable Moniepoint to extend its operations into the Kenyan market.
The Kenyan regulatory body, which closely monitors competition for transactions that exceed KES 1 billion (approximately $7.7 million), implies that the proposed acquisition of Kopo Kopo by Moniepoint is within its regulatory scope. The approval for this acquisition was granted by the regulator in August 2023.
With Kopo Kopo’s extensive network of small and medium-sized business clients, Moniepoint’s market presence in Kenya is poised to be significantly strengthened upon the successful completion of the acquisition.
