Fintech Platform, OneFi Acquires Amplify

Nigerian fintech company, Amplified Payments Ltd has been acquired by One Finance Limited. The acquisition fee was not disclosed and the process began in March 1st, 2019. The acquisition will aid OneFi in boosting its financial services offering by adding Amplify’s assets, trade and flagship products— AmplifyPay and mTransfers, to its growing portfolio.

Founded in 2015 by co-founders, Segun Adeyemi and Maxwell Obi, Amplified Payments Ltd, is a fintech company that builds and facilitates payment solutions and digital financial transactions in Nigeria. Amplify supports over 1,000 merchants and facilitates digital transactions for four of the country’s largest banks.

AmplifyPay, one of the company’s product is a payment gateway that specializes in recurring transactions. mTransfers, also an Amplify product is a keyboard banking solution that enables consumers to conduct bill and P2P payments in any chat app which might have pushed the three-year-old start-up to a market-leader in Nigeria’s financial processing space.

The acquisition will have Amplify’s co-founder and CTO, Maxwell Obi, join the OneFi team to oversee the payments direction of the company, while co-founder/CEO, Segun Adeyemi, will depart in pursuit of new ventures. Commenting on the acquisition and his new role, Maxwell says, “The key factor which stood out in our decision to work with OneFi was that we saw them as an extension of our vision. We stepped into this industry to use our payment solutions to facilitate a growing economy, and OneFi’s focus on financial inclusion feeds well into this. It’s a real example of a collaborative effort and I’m excited to see the next chapter of our development.”

Launched in 2016, OneFi is a consumer-facing lending platform, founded by Nigerian finance entrepreneurs — Chijioke and Ngozi Dozie. The platform provides seamless access to loans without the need for human intervention or bias in decision making. The platform has deployed over $50M across 750,000 loans, approving over 1,500 loans a day at an average of $80 per loan. The company recently, also secured a $5 millon loan facility.

Chijioke Dozie, OneFi Founder and CEO, said “Today’s announcement signals OneFi’s first acquisition; a strategic decision that kicks off our transformation from a digital lender to a diverse digital financial services platform focused on transactions, payments and loans. We will ensure we meet our ambitious goal of doubling our size in Nigeria this year. We have long respected the Amplify team for their ability to provide innovative solutions under adverse conditions, and we look forward to blending our expertise to power the future of fintech infrastructure and digital payments in Africa.”