Africa e-commerce platform DPO Group will finance the expansion of Network international‘s presence across Africa. Network international enables digital commerce across Africa and the Middle East. In the agreement Network International will acquire 100% of DPO group in a deal valued at $288 million.
DPO is a Kenyan technology champion that facilitates electronic payment across the continent. The company has invested the last 14 years in the building and scaling an electronic payment solution used by 50,000 merchants across the continent. DPO has realized a 40% rise in revenues annually from 2017 to 2019.
Seen as a major boost for the African tech scene, the company will be acquired by the London Stock Exchange-listed multi-billion dollar payments company, Network International. The deal will see the expansion of tech options & market expansion and propel solutions such as the DPO Store connecting SMEs to their customers.
Eran Feinstein, the co-founder, and CEO of DPO Group formed the company when internet adoption in Kenya was still low. DPO Group has grown ever since to an African digital payment maverick that processes over $2 billion in transactions annually. Among the company’s top clients are major international brands such as KFC, Uber, DHL, Booking.com, and Expedia.