Cayman Islands based tech investment fund; A15 has said that it has sold its 76% stake in its U.A.E.’s fintech start-up; TPAY Mobile FZ-LLC to Africa’s Helios Investment Partners for an undisclosed amount. Helios’ investment will help TPAY expand into new markets in Africa and Asia and will help enter new sectors to use DCB.
TPAY is one of the fastest growing direct carrier billing (DCB) provider in the Middle East and North Africa region (MENA), with an 80% market share of the DCB space. The company is present in 16 countries and has a total reach of 673 million users.
A15 and the current executive team will remain with TPAY, with both having a share of close to a total of 24% of the company following the acquisition.
“A15 became the first fund in the Middle East and Africa which created a Dragon from one of its investments (TPAY). A Dragon is an investment that returns the entire value of the fund when exited,” the company said in a statement.
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The company added that TPAY returned a multiple of the value of the entire A15 Fund to its investors. This major exit is a second for A15 in three years after it sold online food delivery business Otlob to Rocket Internet.
“TPAY’s ability to develop strategic partnerships with key global merchants seeking an entry point into the Middle East and Africa speaks to the quality of the company’s offering and the management team,” says Babatunde Soyoye, Co-Founder and Managing Partner of Helios Investment Partners.
TPAY since its establishment has built strategic partnerships with key regional and international players such as GooglePlay, Wargaming, NetDragon, CrossFire, Gameloft, OLX, Opensouq, MBC, iFlix, Abu Dhabi Media and Dubai Channels Network, amongst others.
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