DIRECT Pay Online Group (DPO) has received a second investment of 5 million US dollars from the UK based private equity fund, Apis Partners to realise its ambitious strategic plan.
“The additional capital from Apis is a sign of the confidence that our partners have in us, and is a positive reinforcement of the good work we are doing with the business,” said DPO Group Chairman, Offer Gat.
This investment, which follows the initial 10 million US dollars investment made last year, will be used to fuel DPO Group’s ambitious strategic plan which includes organic growth across Africa.
Also strengthening the group’s position through mergers and acquisitions, integrating the systems of all companies under the group, developing the new payments technology and the DumaPay app.
“DPO Group has achieved establishing its presence in 12 African countries thus exceeding the plans laid out in the first phase of the strategic plan,” he said.
The countries are Tanzania, Kenya, Ethiopia, Uganda, Rwanda, Zambia, Zimbabwe, Malawi, South Africa, Namibia, Botswana, and Mauritius. We further plan to set up operations in Nigeria, Ghana, DRC and Mozambique by the end of 2017.
According to the plan, DPO Group has also finalised the acquisition of five companies - Pay Gate and VCS in South Africa, VCS in Namibia and Botswana, and PayThru in South Africa, and are in the final stages of acquiring an additional company which will be announced later this year.
The Group has further completed the first phase of integration between DPO and PayGate’s systems, and rolled out a new version of its next generation payments application, DumaPay, which is the first mobile application in Africa that supports multiple payment options.
Direct Pay Online Group CEO, Eran Feinstein said: “2017 has been an extremely successful year for us and we are very proud of the strides we have made towards the achievement of our goals.