Nigerian digital bank FairMoney in talks to buy Umba in $20M all-stock deal, sources say
FairMoney, a digital bank based in Lagos and headquartered in Paris, is in discussions to acquire Umba, a credit-led digital bank providing payroll and financial services to customers in Nigeria and Kenya, in a $20 million all-stock deal, sources tell TechCrunch. But it also underscores the challenges facing fintechs in Africa amid a challenging market for startups globally: a $20 million all-share deal would be roughly equivalent to the amount Umba raised from outside investors.
Source: yahoo.com