A fintech startup in Kenya that provides short-term business loans has announced Dennis Ondeng as its new CEO. The change in leadership took place recently after receiving approval for acquisition by a Nigerian neobank.
The company has also appointed Chad Larson as the chief financial officer (CFO), Kibet Yegon as the chief technology officer (CTO), and Rosemary Muyeshi as the chief risk officer (CRO).
The company expressed confidence in the new leadership team’s ability to advance its mission and continue offering solutions to businesses in Kenya.
Although there have been leadership changes, the acquisition process is still ongoing according to the Nigerian neobank Moniepoint.
Kopo Kopo claims to have been profitable since its Series B funding round in 2015. The company mentioned that its valuation is in the “low tens of millions.”
If the acquisition is finalized, it would mark Moniepoint’s expansion into the Kenyan market.
The approval for the acquisition was granted by Kenya’s competition authority in August 2023, allowing Moniepoint to potentially strengthen its presence in Kenya through Kopo Kopo’s customer network.
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