Kopo Kopo, a Kenyan fintech startup that offers short-term business loans, has appointed Dennis Ondeng as its new CEO.
Recall that months ago, Moniepoint, a Nigerian Fintech company that provides an all-in-one payments, banking, and operations platform for businesses, has been granted approval to acquire Kenyan Fintech Kopo Kopo.
Moniepoint acquisition of Kopo Kopo, received clearance from the Competition Authority of Kenya after a thorough analysis of the merger’s potential impacts was conducted.
Monday’s leadership change comes 13 months after Kenya’s competition authority approved its proposed acquisition by Nigerian neobank Moniepoint Inc.
The company named Chad Larson as chief financial officer (CFO), while Kibet Yegon will resume as chief technology officer (CTO). Rosemary Muyeshi was appointed chief risk officer (CRO).
“We are confident that this dynamic leadership team will further Kopo Kopo’s mission and continue to deliver solutions for businesses in Kenya,” Kopo Kopo said in a statement.
Despite the leadership changes, Moniepoint told the press that the acquisition is still in progress. “The transaction is still ongoing but hasn’t been completed yet,” the company said. Kopo Kopo claims it has been profitable since its $2.1 million Series B raise in 2015. The company says its valuation is in the “low tens of millions,” declining to share specific numbers.
If completed, the acquisition would see Moniepoint expand to Kenya. Kenya’s regulators scrutinize competition for transactions exceeding KES 1 billion ($7.7 million), suggesting that Moniepoint proposed acquisition of Kopo Kopo falls under its purview. The regulator approved the acquisition in August 2023.
Kopo Kopo, with its network of thousands of small and medium-sized business customers, could make Moniepoint market presence in Kenya sound.
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