Technology
Kopo Kopo, a Kenyan fintech startup that offers short-term business loans, has appointed Dennis Ondeng as its new CEO. Monday’s leadership change comes 13 months after Kenya’s competition authority approved its proposed acquisition by Nigerian neobank Moniepoint Inc.
The company also 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 TechCabal 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 scrutinise 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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