Togo Startup Gozem Acquires Benin Fintech Moneex in Strategic Fintech Move

Togolese startup Gozem is set to acquire Moneex, a thriving fintech in Benin, unlocking new avenues in the digital landscape. Let’s dive into the details of this game-changing acquisition!

The Power Play: Gozem’s Acquisition of Moneex

The financial dynamics of this acquisition are kept under wraps, adding an element of intrigue to the strategic move. However, what’s crystal clear is that Moneex’s founders will not just be spectators; they’re taking an active role by securing an equity stake in the venture.

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The Fintech Synergy: Building ‘Gozem Money’

Moneex’s founders aren’t just joining the Gozem family for a casual meet-and-greet. They’re teaming up to birth a mobile wallet service, aptly named ‘Gozem Money.‘ This strategic alliance aims to pave the way for Gozem to acquire the necessary license to roll out financial services to customers in Togo and Benin. Talk about a fintech power move!

About Gozem: More Than Just Transportation

Gozem has positioned itself as a super app, catering to approximately 160,000 unique customers across four countries, including Cameroon and Gabon. Offering a versatile range of services—from motorcycle and tricycle rides to car rides—it stands as the Francophone West Africa’s vibrant response to the likes of Uber.

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Gozem’s Funding Journey

Backed by robust financial support, Gozem has raised an impressive $46.6 million from notable investors, including the World Bank’s International Finance Corporation. This financial muscle has propelled the startup to explore strategic acquisitions as part of its growth strategy.

Strategic Moves: Gozem’s Acquisition History

This isn’t Gozem’s first dance with acquisitions. In 2020, it made waves with the acquisition of Delivroum, a prominent food delivery service in Togo. The undisclosed amount hinted at the strategic prowess Gozem was quietly building.

The Future of Mobility and Finance Unleashed

As Gozem adds another feather to its cap with the Moneex acquisition, it’s clear that the startup is not just redefining transportation; it’s shaping the financial landscape in West Africa. ‘Gozem Money’ is poised to become a pivotal player, bringing innovative financial solutions to the fingertips of customers in Togo and Benin.

Closing Thoughts: A New Chapter Begins!

With the ink drying on this acquisition, the narrative of Gozem’s journey takes an exciting turn. The fusion of transportation and fintech signals a forward-looking approach, painting a canvas where convenience, innovation, and financial empowerment converge.