UAE-based Dunes Financial has entered into a memorandum of understanding (MOU) to acquire a “substantial portion” of Canada-based Be Mobile Africa.
The deal, which is due to be completed by the end of Q2 2024 for an undisclosed sum, marks Dunes’ first public move since its exit from stealth mode, as the firm readies to unveil its new platform combining cryptocurrency and traditional banking services.
Following the transaction, the start-up will benefit from the Canadian fintech’s banking and cryptocurrency technologies, which include its crypto and fiat transaction settlement solutions.
“The acquisition aligns with our vision of creating a bridge between crypto and fiat, opening up new possibilities for regulated entities and individuals,” explains a Dunes spokesperson.
Be Mobile Africa is an all-in-one money app leveraging AI and blockchain tech to deliver financial services to the African market, offering features such as instant international money transfers, payments and multi-currency accounts.
Dr Cédric Jeannot, co-founder and CEO of Be Mobile Africa, states that the firm’s “sale of non-financial assets injects vital financial resources into Be Mobile Africa”.
“These resources will be used to double down on key African markets, in line with the company’s mission of banking the unbanked and underbanked in Africa.”
Be Mobile Africa is one of a host of fintechs looking to provide financial services to the continent, with recent activities including French telecommunications operator Orange launching its new Max it app, as well as UAE-based start-up Flow48 announcing its planned expansion to South Africa.
Source: Fintech Futures
