Nailab has announced that one of its season 1 startups, Wezatele, has been acquired by AFB, a financial services company that specializes in providing credit products to consumers in Africa. The acquisition, which is said to be estimated to be over $1million (Ksh 100million) is one of the largest acquisitions of a startup so far.
Nailab (Nairobi Incubation Lab), a startup business incubator launched in 2011, offers an entrepreneurship program focusing on growing innovative technology driven ideas.
Nailab said that Wezatele has over the last 4 months been working on the acquisition details to ensure smooth transition of the business with AFB
According to AFB, “Wezatele brings a lot of value to AFB by being a key technical integration partner”
Wezatele was the recipient of the 2014 Frost & Sullivan Entrepreneurial Company of the Year Award. This prestigious recognition was based on an extensive and independent Frost & Sullivan analysis of the Kenyan Mobility Solutions market.
