In a strategic move that resonates with its vision of becoming a comprehensive super app, Togolese startup Gozem has announced the acquisition of Benin-based fintech Moneex. This bold step is set to redefine the fintech landscape in both Togo and Benin.
While the exact acquisition amount remains undisclosed, what is clear is that the founders of Moneex will be taking an equity stake in Gozem. This collaborative approach not only underscores the mutual benefit but also aligns the interests of both parties in the journey ahead.
Building a Mobile Wallet Service
The acquisition of Moneex serves a pivotal role in Gozem's expansion strategy. The founders of Moneex are poised to join Gozem's dynamic team to spearhead the development of a mobile wallet service. This strategic move aims to position Gozem to obtain the necessary licensing for a financial service aptly named 'Gozem Money.' This service is primed to cater to customers not only in Togo but also in Benin, marking a significant leap forward in Gozem's evolution.
Gozem's Footprint in West Africa
Gozem, often hailed as the Uber of French-speaking West Africa, stands as a super app offering a spectrum of services. Boasting approximately 160,000 unique customers across four countries, including Cameroon and Gabon, Gozem has positioned itself as a versatile platform.
The app, which started in 2018, has become synonymous with on-demand transportation, food delivery, and courier services. With a diverse array of offerings, including motorcycle, tricycle, and car rides, Gozem has carved a niche for itself in the competitive West African market.
Gozem's strategic moves are backed by substantial financial support. The startup has successfully raised $46.6 million from notable investors, including the World Bank’s International Finance Corporation and others, as indicated by data tracker Pitchbook. This robust financial backing positions Gozem to spearhead transformative initiatives in the evolving tech landscape of West Africa.
This isn't Gozem's first foray into strategic acquisitions. In 2020, the startup made waves with the acquisition of Delivroum, a prominent food delivery outfit based in Togo. While the financial details of this transaction were not disclosed, it marked a strategic move to bolster Gozem's presence in the food delivery segment.
Gozem's acquisition of Moneex marks a defining moment in its journey. As the startup positions itself to offer a comprehensive financial service through 'Gozem Money,' it symbolizes not just a business deal but a strategic alignment of visions. With a solid foundation, substantial financial backing, and a track record of strategic acquisitions, Gozem is poised to leave an indelible mark on the fintech landscape of West Africa.