A15 has sold a 76 per cent stake in UAE-based TPAY Mobile to Helios Investment, for an undisclosed amount.
This sale makes A15 the first Middle East and Africa fund to make a ‘Dragon’ from one of its investments. A Dragon is an investment which returns the entire value of the fund when it exits. According to the company, this transaction netted a multiple of the entire A15 Fund to its investors.
Following the deal, A15 and TPAY’s current management team will continue to chief the company growth strategy. Both parties will also retain a 24 per cent stake within the company.
Founded in 2014, TPAY is a mobile payments platform focused on the MENA region. The company provides retailers with a single solution for subscription payment processing services and is currently used across 16 countries and 673 million users for their digital content subscriptions.
Services provided by the company include recurring billing, smart billing services, charging and retrials, and automatic suspension, among others.
TPAY has formed strategic partnerships with companies including GooglePlay, Wargaming, NetDragon, CrossFire, Gameloft, OLX, Opensouq, MBC, iFlix, Abu Dhabi Media and Dubai Channels Network, among others.
The company has received a YOY growth in gross revenue of 64 per cent and an EBITDA of 162 per cent.
Through this new partnership, TPAY is hoping to move into new markets, predominantly across Africa and Asia, and expand across new sectors.
Helios Investment Partners co-founder and managing partner Babatunde Soyoye said, “A15 and TPAY management have built an outstanding mobile payments platform that is profitable and still has a lot of room for growth in Africa and beyond given its applicability to a wide range of payment types and ease of use.”
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