Germany’s Mitgo Group to inject $20m into its new fintech division Capy
German tech company Mitgo Group, a multinational holding company with B2B and B2C businesses in the marking tech, mobile solutions and smart shopping sectors, says it has invested $1 million in its newly introduced fintech arm, Capy, as part of a $20 million “investment package” to be spread over the “coming 3 years”.
Mitgo to invest $20 million to grow its fintech arm
In an official announcement, Mitgo states: “The first investment tranche will go towards developing the initial version of the platform with a focus on early and accelerated payment solutions.”
The arrival of Capy was first announced by Mitgo in Q1 2024 following its acquisition of UAE embedded finance platform Embedded.
“With a team boasting extensive experience in fintech, Embedded has been rebranded and relaunched as Capy under the Mitgo umbrella, which already encompasses over 15 diverse businesses,” the company says.
Capy will look to provide “accelerated payments and specialised financial solutions” tailored for publishers in the affiliate market, including loyalty programmes, media buyers, BNPL and cashback services, and more.
Mitgo says that Capy’s first fintech solutions will be launched in Q3 of 2024, adding that the company is currently in discussions “with major players in the financial industry, including banks, payment systems, and e-wallet providers”.
“Announcements of partnerships with financial market leaders in Europe, North America, and other key regions are expected soon,” it says.
Discover more about recent fintech funding stories in our round-up of last month’s top deals.
