Mobile money operator Paga is poised for growth. The Nigeria-based fintech acquired U.S. software company Apposit and announced plans to expand its services geographically.
Apposit was founded in 2007 and builds software to power African tech businesses. The region is, as the company states on its website, a place where “formidable challenges and exceptional opportunities abound.”
Paga will leverage Apposit to expand into Ethiopia, a country that deals with similar cash and payment issues to Nigeria. To help fuel the expansion, the company will tap the experience of Apposit Co-founder and CEO Adam Abate, who will serve as CEO of Paga Ethiopia.
Through the acquisition, Paga Founder and CEO Tayo Oviosu said, “we not only gain a scalable world-class internal engineering team, but we also are in a stronger position to grow our global payments business.”
Paga and Apposit first partnered in 2009. After bringing on Apposit’s 62 employees, Paga’s staff now totals 530+ people. Additionally, the company adds Addis Ababa, London, and Mexico City to its list of office locations.
“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,” added Oviosu. “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.”
Terms of today’s deal were not disclosed.