UAE-Headquartered Tpay Mobile Increases Its Footprint in MENAT With The Acquisition Of Turkey-Based Payguru
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Tpay Mobile, a UAE-headquartered mobile payment enabler, has acquired Payguru, a Turkish payment service provider, with the transaction now contingent upon the approval of the Central Bank of the Republic of Turkey (CBRT) and the Competition Authority.
Tpay Mobile enables payments acceptance from more than 54 mobile payment channels, which are connected to over 580 million consumers in the region.
The acquisition of Payguru, which was founded in 2015 and has been the first mobile payment company to receive a license from the financial regulator, will expand Tpay Mobile’s offering of alternative payment products and financial technologies and will contribute to further growth across geographies and business lines.
Sahar Salama, founder and Chief Executive Officer of Tpay Mobile, explained that this acquisition will extend the company’s footprint in the MENAT region, help continue its diversification into new business lines and strengthen its value-added services proposition in the region.
The fintech sector in the MENA region is growing at a compounded annual growth rate (CAGR) of 30%, compared to 11% compounded annual growth rate (CAGR) globally, according to various research.
According to The Future of DCB published by Mobilesquared, the number of users in the Middle East is expected to grow 58% over the three years between 2020 and 2023, reaching 60 million, with revenue growing by a healthy 30%, to a total of US$800 million by 2023.