Fintech
Mitgo Group Invests $20M in Fintech Division Capy Over Three Years
Mitgo: A Rapid Expansion
Capy, owned by Mitgo, is currently in discussions with other major financial institutions and is expected to announce planned partnerships in MENA, Europe, North America and other regions soon.
Mitgo also recently launched Takefluence, a platform designed to connect content creators and social media enthusiasts with brands in the Middle East and North Africa (MENA) region.
The brand offers marketers a brand-performance strategy that includes hybrid marketing and cost-per-acquisition (CPA).
Regarding its investment in Capy, Mitgo says: “The first tranche of investment will be earmarked for the development of the initial version of the platform, focusing on fast and accelerated payment solutions.
“With a team boasting extensive fintech experience, Embedded has been rebranded and relaunched as Capy under the Mitgo umbrella, which already comprises over 15 different businesses.”
The multinational holding company adds that it is in talks for a partnership with Capy with “major players in the financial sector, including banks, payment systems and e-wallet providers”.
The statement concludes: “Partnership announcements with financial market leaders in Europe, North America and other key regions are expected shortly.”
Acquisition of Capy
Mitgo, the Germany-based organization, completed the acquisition of UAE-based Capy, then Embedded, in March 2024.
At the time, Mitgo said the acquisition would support the launch of a new business division focused on fintech services for affiliate publishers.
The Capy funding, followed by the launch of Takefluence, shows that Mitgo is on the right track to expand its fintech-focused divisions.
VC: The Big Deals of 2024
The investment in Capy comes in a year that has seen significant and attractive investment and M&A activity so far.
In May, SumUp raised €1.5 billion ($1.6 billion) in a private credit round led by Goldman Sachs, representing the largest European private credit transaction in recent years.
And, in the M&A sector, the leading British bank Nationwide reaches agreement to acquire Virgin Money for a staggering £2.9 billion ($3.72 billion), creating the UK’s second-largest savings and mortgage group.
Most recently, Barclays agreed to acquire the banking arm of major UK retailer Tesco, Tesco Bankfor $757 million.
For more information on the latest investments and M&A deals completed in 2024, visit FinTech Magazine’s articles page.