Nigerian fintech company known as Amplified Payments Ltd, Amplify, that builds and facilitates payment solutions and digital financial transactions in Nigeria, has today announced its acquisition by One Finance Limited, OneFi.
The deal, completed for an undisclosed fee, took effect as of March 1st, 2019.
OneFi now owns Amplify’s assets, tradements and flagship products, AmplifyPay and mTransfers.
Co-founders Segun Adeyemi and Maxwell Obi, established Amplify in 2015. It reportedly supports over 1,000 merchants and facilitates digital transactions for four of the Nigeria’s major banks.
The company’s core products, AmplifyPay – a payment gateway specialising in recurring transactions – and mTransfers – a keyboard banking solution that enables consumers to conduct bill and P2P payments in any chat app – have propelled the three-year-old start-up to a market-leader in Nigeria’s financial processing space.
Amplify co-founder and CTO, Maxwell Obi, will join the OneFi team to oversee the payments direction of the company, whilst co-founder and CEO, Segun Adeyemi, will depart as he pursues new ventures.
Maxwell said: “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.”