Adanian Lab’s MooveBeta Startup Merges with 10-year B2B Fintech Company ImpalaPay to Provide a Connected Economy for Africa
Adanian Labs Africa incubated fintech startup MooveBeta (MooveBeta.com) has announced today its merger with ImpalaPay, a fintech blockchain company with operations across 42 African countries and 134 worldwide. The merger will provide a payment platform that will enable the Pan African and Diaspora communities to transact via e-commerce, social commerce, peer to peer and enterprise using multiple interoperable platforms including mobile money, cards, bank accounts and/or crypto wallets powering over 500 million people.
MooveBeta, an e-commerce and fintech startup that helps users move value simply and easily using a voucher system has been incubated at Adanian Labs for 6 months with a mission to empower consumers with the ability to send micro transactions via mobile money from anywhere on the globe to Africa and intra-Africa.
ImpalaPay with more than 10 years in operation is a strong B2B payment company responsible for building the first P2P mobile money multi-currency cross border platform with Bharti Airtel in 2014. ImpalaPay has been operating B2B payments on behalf of Airtel and IMT partners across 17 countries in Africa, including an interoperability between Airtel and MTN in Burkina Faso and the Ivory Coast. ImpalaPay has also executed an interoperability between Airtel with Mpesa, UBA and Africash powering more than 200 million wallets and with over USD 1.8B transactions between 2018 and 2021.
With MSME traders supporting 69% of the African population, the partnership between the two fintech solutions will set MooveBeta on a growth path to deliver differentiated payment solutions for micro transactions in the region and beyond with a first phase roll-out pegged on 17 African countries.
Peris Wanjiru, co-founder and CEO of MooveBeta said “We are very optimistic to becoming a strong fintech contender in the new financial world in Africa, given that we are blockchain focused in our offering to support the continent’s growing payment demands in a currently fragmented ecosystem. We are building with the future in mind, understanding the evolution and transformative nature of the digitalization movement taking place in the continent.”
Africa has the world's fastest-growing population, and the UN anticipates at least half of the global population growth between now and 2050 will come from the continent. 15% of the sub-Saharan African population is middle class. However, that proportion is steadily increasing in Africa, which is one of the positive indicators for growth. This growth coupled with urbanization has been followed by increased productivity and economic development.
Mr. John Mbindyo, the founder and CEO of ImpalaPay said “In the last 10 years of our operations we have seen many accomplishments by African startups in the fintech space. Even though the continent’s youthful, entrepreneurial, and digitally savvy population embraces mobile usage, unfortunately there still is a large unbanked and underbanked population. On the flip side, however, these challenges have provided the perfect opportunities for companies like ours to be innovative and disruptive. Across the continent, this particular sector of the population (banked and unbanked) who have historically been left out by conventional institutions, are now looking to alternative innovations for their financial solutions. And this is what we are here to address through this merger with MooveBeta.”
According to multiple research the payment and remittance space accounts for one of the most sought-after segments with a 30% growth in startup companies in the last 4 years. “As fintech innovators we aim to spur financial inclusion by solving some of the difficulties experienced by businesses and individuals alike —such as money transfers, savings and investment, payment and access to credit. Through this partnership we will be contributing immensely to the transformation of Africa’s financial trajectory’ further stated Mbindyo.
Since it’s inception in March 2020, Adanian labs has provided a launchpad for 40+ startups in 5 countries where it has a presence, creating unmatched opportunities in the African tech startup space. Of the first cohort of 14 startups incubated by Adanian Labs, five have raised $ 7X seed funding, including the lab itself, which highlights Adanian’s ‘Camel Theory’, as it strives to become the leading borderless Africa tech venture studio. The new cohort of 26 startups started in March 2022 in Kenya, Tanzania, Zambia, Nigeria and South Africa.
“Adanian Labs is creating unprecedented opportunities for tech startups on the continent. From access to funding and investors, training and mentorship, to go to market strategies and launch pads with key infrastructure we have been able to offer the startups under the Adanian Lab’s umbrella opportunities that would be almost impossible to access otherwise. This merger between our startup MooveBeta and industry B2B Fintech leader ImpalaPay to build a connected financial ecosystem across Africa and the diaspora is a gamechanger in the new financial world.” Said John Kamara, Adanian Labs co-Founder and CEO.
With this kind of targeted de-risked support, hand holding and guidance from the lab to African startups and young tech-preneurs, the merger of ImpalaPay and MooveBeta promises to be just one in a long line of incredible African startup merger and acquisition stories.
Distributed by APO Group on behalf of MooveBeta.
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MooveBeta is a financial technology company based in Kenya with networks across Africa and the world, formed in 2022, following a merger between Impala Pay Limited and MooveBeta.
The company aims to provide secure, fast and reliable borderless financial services to both businesses and individuals and to offer a seamless money transfer platform.
MooveBeta Inc. is utilizing its global Technology in the Digital Wallet space that is Cross Border with the intent to integrate several opportunities across the value spectrum by enabling fast, affordable and secure online money transfer across Africa.
With four transfer services to choose from, moove voucher, international remittance, card/mobile Acquisition, Cross Border Payments you can send money for different purposes such as family support, paying school fees, making business payments and more.
ImpalaPay is a one-stop Digital Payment and BlockChain platform available across the Globe. ImpalaPay is utilizing its global Technology in the Digital Wallet, BlockChain and Digital Currencies space that is Cross Border with the intent to integrate several opportunities across the value spectrum. This is achieved by leveraging strong relations with key stakeholders such as Governments, Smart Cities, Regulators, E/M-Commerce Companies, Trade Financing and Trading Platforms, Money Transfers Companies etc.to maximize global customer acquisition.
Serves consumers (Banked, Unbanked and Underbanked) with Online and Mobile Banking facilities on Traditional and BlockChain Platforms from anywhere to anywhere by incorporating its Global Compliance engine to settle transactions globally.
About Adanian Labs:
Adanian Labs is a Pan African venture building studio with a mission to build, incubate and launch impact-driven technology companies and entrepreneurs working to solve some of Africa’s most pertinent challenges.
Adanian Labs uses smart technologies (AI and Blockchain) as building blocks to create solutions that are impact-focused, commercially viable and scalable across Africa and other parts of the world. Currently, the company has built 14 startups in the 1st cohort and 26 startups in the 2nd cohort in AgriTech, HealthTech, WomenTech, FinTech, AdTech, SmeTech and other industries; and has launched 2 centres of Excellencies – AI Center of Excellence for Artificial Intelligence and The Africa Block Chain Center for Blockchain Technology.https://www.AdanianLabs.io/
Adanian Labs is a partner of EMURGO Africa and is headquartered in Nairobi Kenya, with a presence in Nigeria, Tanzania, South Africa, Zambia, Swaziland and the United Kingdom.