Paga has acquired the Ethiopia-based software development company, Apposit. The deal was signed for an undisclosed amount.
Founded in 2009, Paga offers a digital payment and mobile money platform that aids financial transactions. The startup also seeks to bridge the gap for the unbanked by providing simple mobile financial services.
Thus, the Apposit acquisition will make Paga offer innovative software with high impact technology solutions that can help to combat business challenges in Africa.
The new Paga company in Ethiopia will absorb 65 engineers from the acquired company to its workforce. This will increase its workforce capabilities to 530 in Africa.
The Chief Executive Officer, Paga, Tayo Oviosu noted that acquisition will make the company expand its services to Ethiopia and offer both fintech service and software development. He also noted that the startup will also expand its fintech service to Mexico later in the year.
The Paga Ethiopia team will be headed by Adam Abate the CEO of the acquired company.
With the new expansion, Paga will compete with fintechs such as PayPal and Ali pay in the global scene.
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