Weza Tele, a Kenya-based FinTech startup has been bought over by a financial services provider AFB for $1.7 million, according to Disrupt Africa.
Reportedly the largest acquisition in the Kenya’s history of startup acquisitions.
Weza Tele provides value-added mobility solutions in commerce, supply chain, distribution and mobile payment integration. The startup currently has presence in Kenya, Tanzania, Zimbabwe and Nigeria.
“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,” Weza Tele CEO Hilda Moraa says on the company’s website.
Hilda also assured Weza Tele customers of a smooth transition in the coming months.
AFB provides credit access to customers in Africa. It offers mobile loans, retail credit cards and insurance with retail partners in Ghana, Kenya and Tanzania.
Weza Tele was incubated at Nailab and received the “Frost & Sullivan Entrepreneurial Company of the year” award in 2014.
Source: Disrupt Africa
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