Kenyan fintech startup Weza Tele has been acquired by financial services group AFB for US$1.7 million, the largest acquisition of a tech startup in the country thus far.
Weza Tele provides a number of value added mobility solutions in commerce, supply chain, distribution and mobile payment integration, with these solutions in use not just in Kenya but also the likes of Tanzania, Zimbabwe and Nigeria.
AFB provides credit access to customers in Africa through a range of financial products, including mobile loans and retail credit cards. It launched in Ghana in 2010 and now has customers in Kenya and Tanzania also, with more than 400 retail partners.
“We already share core values and a longstanding relationship; now we look forward to working together more closely as we continue to build solutions and services that will impact the world in a positive way through increased and relevant value propositions that include but not limited to mobility and credit solutions,” said Weza Tele chief executive officer (CEO) Hilda Moraa.
Weza Tele will spend the next few months transitioning and integrating with AFB, but Moraa assured existing Weza Tele customers this would be smooth and that the startup would continue to fulfill its promise to provide the highest level of service.
Weza Tele was incubated at the Nailab, whose CEO Sam Gichuru had the following to say in a tweet:
— Sam Gichuru (@SamGichuru) May 14, 2015
In November of last year Weza Tele received the 2014 Frost & Sullivan Entrepreneurial Company of the Year Award, based on an extensive and independent Frost & Sullivan analysis of the Kenyan mobility solutions market.
“Weza Tele has created innovative supply chain solutions for SMEs in the informal sector by using basic mobile technology. The company’s MyOrder enterprise solution is a quick and easy-to-use ordering platform that increases the visibility between retailers and distributors, and streamlines the overall supply chain management process,” Frost & Sullivan said.
“Furthermore, Weza Tele has excelled in an untapped market by tailoring flexible solutions for the small scale supply chain sector. It offers a cost-effective solution to address the challenges faced by SMEs in the supply chain industry and provides valuable tools to drive their sales and marketing.”