DPO Group (DPO), Africa’s fastest-growing payment service provider (PSP), has finally been acquired by Network International, a globa enabler of digital commerce across the Middle East and Africa.
In a landmark deal for the African payments space, Network International has acquired 100 per cent of DPO Group, which will continue to operate under the same brand in existing territories. DPO companies PayGate, PayFast and SiD Secure EFT will continue to operate in South Africa as normal.
The DPO and Network International deal has been in the works from July last year when it was first announced.
By acquiring DPO, which operates in 21 countries on the continent, Network International will increase its presence in Africa and new territories, one of the fastest growing payments markets in the world. DPO will soon launch a new, comprehensive payment solution, DPO Pay, for businesses in some of Network International’s territories and across Africa.
Eran Feinstein, CEO of DPO Group, commented: “This deal is a milestone for DPO and good news for the 60,000-plus active merchants using our platform. As part of the Network International group, we can support the business growth of our existing partners, and of new merchants across Africa and the Middle East. Being part of a globally recognised business will help us drive the global payments agenda, delivering cutting edge solutions to businesses and merchants across these markets.”
Nandan Mer, the CEO of Network International commented: “I am delighted to welcome DPO to the Network family. DPO is a strong strategic fit with our business and the acquisition creates a unique combination of innovative online payments technologies, which will accelerate our growth whilst providing significant new capabilities for our established markets, including our customers and partners in the UAE. We look forward to welcoming DPO’s colleagues into our group and working together to accelerate digital payments across the MEA region.”
Offer Gat, DPO Group Co-Founder and Chairman added: “The successful close of this deal highlights not only the vast opportunity for digital payments in Africa but is also testimony to the dedication and hard work of the DPO Group team who have helped build the business into one of the leading pan-African payments companies. We are looking forward to working alongside Network International to drive similar success in new markets, providing cutting-edge products and services to support the needs of local merchants and global blue-chip businesses alike.”
Udayan Goyal and Matteo Stefanel, Apis Partners Managing Partners and Co-founders commented: “It has been a pleasure to work with Eran, Offer and the team as they have grown DPO into a leading pan-African payment company, increasing coverage across the continent from five to 21 countries and employees from c.60 to over 450 throughout the course of our investment. What has provided us with the greatest pleasure is seeing the positive impact that DPO’s growth has made not only to its own employees, but to the tens of thousands of people now able to use the platform, especially during the pandemic where cashless payments have become a necessity. With Network International, a leader in its high growth markets, we are confident that this new phase with DPO will yield great successes.”
Headquartered in Dubai and listed on the London Stock Exchange, Network International is a pan-regional provider of digital payment solutions, with a presence across the entire payments value chain, delivering integrated omnichannel payments services to its customers. The acquisition of DPO Group will support Network International’s capabilities in Africa across online, mobile and alternative payments as well as providing merchant and MNO relationships and increasing the cross-selling opportunities to both DPO and Network International’s customers.
A proven high-growth organisation, DPO is expected to begin operations in new markets both in Africa and further afield in the near future. DPO’s comprehensive, flexible and secure platform allows businesses and merchants to receive international payments in the currency of their choice – accepting debit and credit cards alongside mobile money and other payment methods. The acquisition will see DPO add new products and services to its offering, supporting existing merchants with even more payment options to simplify their e-commerce operations.
The acquisition will see DPO Group’s shareholders and executives become key stakeholders in Network International while DPO Group will retain its executive team and employees. Morgan Stanley acted as financial advisors to DPO on the deal while ENS Africa were the legal advisors.
DPO Group is a African payment service provider (PSP) which has developed the technology to enable businesses and individuals across the continent to make payments online and offline with all currencies and payment methods. DPO Group currently works with over 60,000 active merchants, including airlines, hotels, restaurants and travel agents as well as eCommerce all over Africa. The company was founded in 2006 and since then it has grown to be a pan-African PSP with more than 400 employees and a presence in 21 African countries. By providing its merchants of all sizes with the capacity to make and accept payments effortlessly, DPO supports financial inclusion and economic development on the continent.
Network International comprises of a group of companies and is a major enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and financial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services.
The Apis Group (Apis) is an ESGI-native global private equity and venture asset manager that supports growth stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital. Collectively Apis, through its team of approximately 30 professionals with deep industry expertise, manages or advises on total committed capital from investors (including drawn and invested capital) of $1.2 billion.
Including its headquarters in London, Apis has representation in 7 countries across Europe, North, East and West Africa and South and Southeast Asia. Apis became a signatory to the UN-backed Principles for Responsible Investment (UNPRI) upon inception of the firm in 2014.