Kenya as a country is among the pioneers of FinTech solutions with its M-Pesa mobile wallet service taking the region by a storm. Now, a Kenya-based FinTech startup, BitPesa has acquired TransferZero, an online money transfer platform based in Spain.
BitPesa was founded by Elizabeth Rossiello in Kenya about five years ago. Since its inception, the company has successfully raised two seeds round funding totaling USD 10 million. The company’s market stretches from Kenya to its neighbors Uganda, Tanzania, and the DRC. It also has footprints in West African countries like Nigeria and Senegal, and even in the U.K.
Indeed, BitPesa prides itself on being one of the few FinTech companies with license and infrastructure in both Africa and Europe. The move by BitPesa to acquire TransferZero was a strategic one given the companies ambition to further its footprints in the European markets.
“Europe is a hub for global remittance and payments companies,” said Elizabeth Rossiello, founder, and CEO of BitPesa. “Digital currencies and decentralized technology have hit critical mass in financial services and payments space. It is no longer a question of whether this technology will have staying power; rather, which specific technology and what product iteration will launch and scale first.
This is truly a partnership where the whole is greater than the sum of the parts, allowing BitPesa to solidify our leadership in this space. By bringing our regional and technological expertise together, we will further accelerate our month-to-month growth.”
TransferZero was founded in 2016 and was the first FinTech company in Spain to be licensed as an authorized payment institution by the Bank of Spain. It is also a partner of Bankia, the most prominent bank in Spain.
TransferZero has some of the most innovative FinTech solutions emanating from Europe to its name. The former CEO of TransferZero and now, the MD of BitPesa, Luis Cambronero says the move to merge with BitPesa will accelerate TransferZero’s plan to scale their operations efficiently.
Cambronero acknowledges BitPesa is coming to the table with top-tier institutional investors and a big network.