Get All Access for $5/mo

UAE-Headquartered Tpay Mobile Increases Its Footprint in MENAT With The Acquisition Of Turkey-Based Payguru 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.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Shutterstock

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.

Related: How Fintech Is Transforming The Middle East, Africa and South Asia's Financial Service Industry

News and Trends

"We Got Funded!" UAE-Based Mysafe Raises A US$4 Million Series A Round To Fuel Its Expansion

The Series A round was led by Evanox, a venture capital firm known for its strategic investments in high-growth technology companies.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Entrepreneurs

Here Are The 20 Startups Selected For The Eighth Cohort Of The MBRIF Innovation Accelerator Program

The final participants of the year-long program were selected from over 200 applicants from across 35 countries.

Finance

Cairo-Headquartered Fintech Valu Launches Ulter, A Payment Program For Luxury Purchases

Ulter has the highest credit limit in the country, and offers flexible repayment plans spanning up to 60 months with no down payment, subject to the financed amount.

Women Entrepreneur®

Leading The Charge: Making The Case For Why Entrepreneurs Need To Introduce Innovation In The Menopause Care Market

Five female health and wellness experts share their insights on how entrepreneurs can introduce much needed innovation into menopausal healthcare- in the UAE and beyond.