Mitgo: A rapid expansion
The Mitgo-owned Capy is currently in discussions with other major financial institutions, with planned partnerships in MENA, Europe, North America and other regions expected to be announced soon.
Mitgo has also recently launched Takefluence, a platform designed to connect content creators and social media enthusiasts with brands across the Middle East and North Africa (MENA) region.
The brand offers marketers a brand-performance strategy that includes hybrid marketing and cost-per-acquisition (CPA).
On its investment in Capy, Mitgo’s statement reads: “The first investment tranche will go towards developing the initial version of the platform with a focus on early and accelerated payment solutions.
“With a team boasting extensive experience in fintech, Embedded has been rebranded and relaunched as Capy under the Mitgo umbrella, which already encompasses over 15 diverse businesses.”
The multinational holding company adds that Capy partnership discussions are taking place with “major players in the financial industry, including banks, payment systems, and e-wallet providers”.
The statement concludes: “Announcements of partnerships with financial market leaders in Europe, North America, and other key regions are expected soon.”
Acquiring Capy
Mitgo, the German-based organisation, completed the acquisition of UAE-based Capy, then Embedded, in March 2024.
At the time, Mitgo said the acquisition would support the launch of a new business division focused on fintech services for affiliate publishers.
Funding in Capy, followed by the launch of Takefluence, reflects that Mitgo is firmly on the right track to scale its divisions focused on fintech.
VC: 2024’s big deals
Investment in Capy comes during a year that has seen significant, eye-catching investment and M&A deals thus far.
In May, SumUp secured €1.5bn (US$1.6bn) in a private credit round led by Goldman Sachs, representing the biggest European private credit transaction in years.
And, in the M&A space, leading UK bank Nationwide reached an agreement to acquire Virgin Money for an eye-watering £2.9bn (US$3.72bn), creating the UK’s second-largest mortgage & savings group.
More recently, Barclays agreed to acquire the banking arm of leading UK retailer Tesco, Tesco Bank, for US$757m.
See the FinTech Magazine articles page for more on the latest investment and M&A deals so far in 2024.