Emergent Technology (EmTech), a California-based financial technology company, has acquired Interpay Africa. Interpay is a Ghana-based payments processor with other offices in Benin and Pakistan.
According to EmTech, this acquisition will strengthen their operations in Africa. It will also help extend their services to 70 emerging markets.
Following the acquisition, Interpay Limited was renamed Emergent Payments Ghana Limited. They will thus do business as Emergent Payments Africa.
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Founded in 2014, Interpay connects African merchants to local and international payments capabilities. The company does this through mobile money, traditional payment and local bank platforms. They have over 40 employees in offices in Ghana, Benin and Pakistan.
In February this year, Interpay - together with Tanzania's TPB Bank - each received a $1 million from Savings at the Frontier.
"The funding was to help the two test innovative business models that would scale up financial services for rural and semi-urban informal savings mechanisms (ISM) users in Ghana, Tanzania and Zambia."
The Interpay Africa acquisition marks the launch of EmTech's Africa 20-20-20 strategy. The strategy involves expanding Emergent Payments' services into 20 African countries by 2020.
EmTech will also launch its G-Coin digital tokens into the African market in 2019. G-Coin tokens are digital certificates of title to responsibly sourced physical gold. They are a viable alternative to volatile local currencies, according to the company.