Network International Holdings to acquire DPO Group for USD 288 mln

Monday 12 October 2020 14:41 CET | News

UAE-based digital payments firm Network International Holdings has announced that it’s still on track of acquiring the Kenya-based DPO Group for USD 288 million.

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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Keywords: Network International Holdings, DPO Group, acquisition, UAE, Kenya, PSP
Categories: Payments & Commerce
Countries: Kenya, United Arab Emirates
This article is part of category

Payments & Commerce