MENA-based direct carrier billing platform TPay has acquired Egypt-based peer DCBEgypt for an undisclosed amount.
Founded in 2014 by Sahar Salama, TPay is among the first fintech companies in the region and claims to connect consumers, businesses, and operators using direct operator billing.
Since inception, TPay has processed over 2.6 billion transactions from across the region and is currently present in more than 13 countries in MENA.
DCBEgypt was also founded in 2014 and also offers direct carrier billing services to at least two mobile operators and is considered the second biggest player in this space in Egypt.
Sahar Salama, CEO of TPAY Mobile, said that the acquisition fits TPay’s strategic and ambitious growth plans to serve more partners.
DCBEgypt and TPay share the same vision and strategic plans, said Mostafa Elshafey, founder and CEO of DCBEgypt.
Direct carrier billing is a payment method that allows users to make purchases online with the amount being charged to their phone bill.
The MENA region had experienced explosive growth in the fintech industry making it among the top five industries in MENA that are most popular for investment in 2017.
Over the last ten years, MENA fintech startups have raised over $100 million in funding, with other reports indicating that the number of startups launched and investments raised will double by 2020.
The number of startups in MENA’s fintech ecosystem doubled from 46 to 105 over three years from 2013, according to ‘State of Fintech’ report released by Middle East-focused payment service provider PAYFORT.
The region could see over 250 more fintech startups being launched by 2020, according to the report. Payments are the most developed of the sectors, with startups offering bill payment, electronic wallets, mobile and online payment solutions, including integrated payment services platforms.
Payments are the most developed of the sectors, with startups offering bill payment, electronic wallets, mobile and online payment solutions, including integrated payment services platforms.