Paycorp, a company that invested in Tutuka in 2015, has sold off its majority stake to APartners, a global investment manager. Since Paycorp’s initial investment, Tutuka has enjoyed increased international presence and more than 75% growth in terms of size.
Tutuka, a South African paytech, is popular for the exceptional opportunity it has created for fintech companies, banks, mobile wallets, and apps in novel markets to issue MasterCard and Visa payment products with ease. These products include physical or virtual cards connected with the values in their clients’ wallets or accounts.
Since 2019, Tutuka has been working with companies from different continents including MTN in Africa, Octopus and Grab in Asia, and several others in Latin America and the Middle East.
The major element that drew Apis to Tutuka was the latter’s notable presence in several emerging markets as well as a core of clients made up of Telcos and wallets perceived to be on the fastest growth track in the financial service market.
“We are proud to have Apis as Investors” stated the CEO of Tutuka, Rowan Brewer. “Emerging markets are where the growth and innovation in financial markets are happening and Apis will add to Tutuka’s ability to enable fintechs, mobile wallets, apps, and banks easily issue Mastercard and Visa cards and payment products to their customers”
“Often, this is the very first time these customers are able to access the millions of point of sale (POS) terminals, ATMs and e-commerce sites that accepts Mastercard and Visa. That is true financial inclusion, it’s where the fastest growth will be in the future, and that is why as part of this deal, management and staff have kept a substantial stake in Tutuka”
According to Apis Partners’ co-founder and managing partner, Matteo Stefanel, the mobile wallet market is poised to grow at the rate of over 45% per till 2021. “And we believe that Tutukais extremely well-positioned to capitalize on this growth while delivering significant value for these ecosystem owners.”