Nairobi-based Direct Pay Online Group (DPO) has received a second investment of $5 million (Sh500 million) from UK-based private equity fund Apis Partners.
The firm, which processes merchant payments, mobile money and e-wallets, was established in 2006 and has since expanded in the region.
This investment follows the initial $10 million (Sh1.03 billion) investment made last year. It will be used to fuel DPO group’s ambitious strategic plan.
DPO Group chief executive Eran Feinstein yesterday said this capital injection will help to further the group’s strategic plans in the region.
“This will include the establishment of up to 26 branches across Africa, the acquisition of at least one additional company, and the contribution of their technological distribution across Africa,” said Mr Feinstein.
Apis Partners is a private equity asset manager that supports growth-stage financial services businesses in Africa and Asia by providing them catalytic growth equity capital.
DPO Group chairman Offer Gat said the group had achieved and exceeded the plans laid out in the first phase of the strategic plan.
He said it has established a presence in 12 African countries including Kenya, Tanzania, Ethiopia, Uganda, Rwanda, Zambia, Zimbabwe and Malawi.