UAE-based fintech startup TPAY Mobile has acquired a 100 percent stake in Turkey-based mobile payment platform Payguru, the media reported.
The deal is subject to the approval of the Central Bank of the Republic of Turkey (CBRT) and the Competition Authority.
Sahar Salama, founder, and chief executive officer, TPAY Mobile told the media, “TPAY Mobile is on an accelerated growth trajectory, and the acquisition of Payguru fast-tracks our vision to become the leading digital payment platform in the Middle East and Africa, guaranteeing a best in class user experience, and offering innovative services to our partners, and further driving digital and financial inclusion in our region.”
“This transaction extends our footprint in the region, continues our diversification into new business lines, and also significantly strengthens our value-added services proposition in the region. The regional and global fintech sector is at an inflection point for growth, making this the perfect time to welcome Payguru into our fold.”
TPAY Mobile is a digital merchant acquirer and mobile payment enabler in the Middle East and Africa (MEA) region that enables payment acceptance from more than 54 mobile payment types and wallets, which are connected to more than 580 million consumers.
The deal comes at a time when demand for digital payment services are on a rise due to the coronavirus pandemic.
In the last couple of months, mobile payments have emerged as a popular alternative among 50 percent of the population in MEA, most of which are underbanked.
Payguru, on the other hand, offers several services, including mobile payments, ATM cash payments, and bank transfers to merchants. Established in 2015, Payguru has over 1,300 merchants on its platform and has processed over 13 million transactions in the last year.