Nigeria-based fintech startup Paga has announced that it has acquired Apposit, a US-based software company with operations in Addis Ababa, Ethiopia.
According to local media reports, the deal will help Paga expand into the East African and Latin American markets.
Last year, Paga raised around $10 million in a fresh round of funding and announced its plan to take its operations outside of Nigeria.
Chief executive at Paga, Tayo Oviosu told the media, “Last year we refined our mission and vision to birth our massive transformative purpose, to make it simple for one billion people to access and use money. Apposit has demonstrated strong alignment with our purpose and they have some of the very best engineers I have been privileged to work with, in over two decades in technology in Silicon Valley and elsewhere. I am very excited to have Apposit join the Paga team.”
According to media reports, Paga is planning to launch its products in the Ethiopian and Mexican markets this year.
Both Paga and Apposit have worked closely since Paga’s inception in 2009. Apposit has committed an engineering team to Paga since the last 11 years.
Tayo Oviosu recently revealed that the fintech startup recorded over $2 billion worth of transactions in 2019 in its home market in Nigeria.
Through his Twitter account, he further revealed that around Paga had around 14.4 million customers in Nigeria as of 2019. Since it went commercial in 2012, Paga had carried out transactions worth $6.6 billion.
Recently, Paga announced the appointment of Ian Cleverly as its new Group Chief Financial Officer. He previously served the same role at Maistro, a business-to-business marketplace for online procurement service.