MooveBeta, the fintech start-up incubated by Adanian Labs Africa, has announced its merger with ImpalaPay, a fintech blockchain company operating in 42 African countries and 134 globally.
The merger will provide a payment platform that will enable Pan-African and Diaspora communities to transact across e-commerce, social commerce, peer-to-peer and enterprise using multiple interoperable platforms, including mobile money, cards, bank accounts and/or crypto. wallets powering over 500 million people.
MooveBeta, an e-commerce and fintech startup that helps users move value simply and easily using a voucher system, was incubated at Adanian Labs for 6 months with a mission to give consumers the ability to send microtransactions via mobile money from anywhere on the globe to Africa and intra-Africa.
ImpalaPay, with over 10 years in business, is a strong B2B payment company responsible for building the first cross-border multi-currency P2P mobile money platform with Bharti Airtel in 2014.
ImpalaPay manages B2B payments on behalf of Airtel and IMT partners in 17 countries in Africa, including interoperability between Airtel and MTN in Burkina Faso and Côte d’Ivoire.
ImpalaPay has also ensured interoperability between Airtel with Mpesa, UBA and Africash, powering over 200 million wallets and with over 1.8 billion transactions between 2018 and 2021.
With MSME merchants supporting 69% of Africa’s population, the partnership between the two fintech solutions will put MooveBeta on a growth path to provide differentiated payment solutions for microtransactions in the region and beyond with a first phase of roll-out rooted in 17 African countries.
Peris Wanjiru, Co-Founder and CEO of MooveBeta, said, “We are very optimistic about our ability to become a strong fintech competitor in the new financial world in Africa, given our focus on blockchain in our business. offer to support the growing payment demands of the continent in the current context. fragmented ecosystem. We are building with the future in mind, understanding the evolution and transformative nature of the digitization movement taking place on the continent.
Africa has the fastest growing population in the world, and the UN projects that at least half of the world’s population growth by 2050 will come from the continent. 15% of the population of sub-Saharan Africa belongs to the middle class.
However, this proportion is steadily increasing in Africa, which is one of the positive indicators of growth. This growth coupled with urbanization has been followed by increased productivity and economic development.
John Mbindyo, Founder and CEO of ImpalaPay, said, “Over the past 10 years of our operations, we have seen many achievements from African startups in the fintech space.
“Even though the continent’s young, enterprising and digitally savvy population is embracing mobile usage, unfortunately, there is still a large unbanked and underbanked population.
“On the other hand, however, these challenges have provided companies like ours with perfect opportunities to be innovative and disruptive.
“Across the continent, this particular sector of the population (banked and unbanked) that has historically been left behind by conventional institutions, is now turning to alternative innovations for its financial solutions.
“And that’s what we’re here to solve through this merger with MooveBeta.”
According to several researches, the payment and remittance space represents one of the most sought-after segments with a 30% growth of start-ups in the last 4 years.
“As fintech innovators, we aim to drive financial inclusion by solving some of the challenges faced by businesses and individuals, such as money transfers, savings and investment, payment and access to credit.
“Through this partnership, we will contribute immensely to the transformation of Africa’s financial trajectory,” Mbindyo added.
Since its inception in March 2020, Adanian labs has provided a launch pad for over 40 startups in 5 countries where it operates, creating unparalleled opportunities in the African tech startup space.
Of the first cohort of 14 startups incubated by Adanian Labs, five have raised $7X seed funding, including the lab itself, which highlights Adanian’s “camel theory,” as it strives to become Africa’s leading borderless technology venture capital studio.
The new cohort of 26 startups started in March 2022 in Kenya, Tanzania, Zambia, Nigeria and South Africa.
“Adanian Labs is creating unprecedented opportunities for tech startups on the continent. From access to funding and investors, to training and mentoring, to go-to-market strategies and launch pads with key infrastructure, we have been able to offer startups under the umbrella of Adanian Lab of opportunities that would otherwise be almost impossible to access.
“This merger between our startup MooveBeta and B2B Fintech industry leader ImpalaPay to build a connected financial ecosystem across Africa and the Diaspora is a game-changer in the new financial world.” Said John Kamara, co-founder and CEO of Adanian Labs.
With this kind of risk-free, targeted support, hands-on, and guidance from the lab to African startups and young tech entrepreneurs, the merger of ImpalPay and MooveBeta promises to be one of many incredible merger and development stories. acquisition of African startups. .