The acquisition will see DPO Group continue to operate under the same brand while being wholly owned by Network International. DPO Group’s executives will own stock in Network International as part of the transaction. The acquisition of DPO Group allows Network International to boost its Africa operations.
DPO Group offers payments services to nearly 50,000 merchants across the 19 African countries it currently operates in. Early projections show Africa could account for 40% of Network International’s annual revenues by 2024, up from 27% in 2019. DPO Group had raised a total of USD 15 million in funding in two rounds which were both led by UK-based financial services investor Apis Partners, as Quartz Africa states.
DPO Group, which was founded in 2006, has acquired five smaller financial services companies operating on the continent since its founding. The latest of those deals came in 2019 when it acquired PayFast, the South African payments processing service.
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