Lagos based online lending startup OneFi is buying Nigerian payment solutions company Amplify for an undisclosed amount.
OneFi will take over Amplify’s IP, team, and client network of over 1000 merchants to which Amplify provides payment processing services, OneFi CEO Chijioke Dozie told TechCrunch.
The move comes as fintech has become one of Africa’s most active investment sectors and startup acquisitions—which have been rare—are picking up across the continent.
The purchase of Amplify caps off a busy period for OneFi. Over the last seven months the Nigerian venture secured a $5 million lending facility from Lendable, announced a payment partnership with Visa, and became one of first (known) African startups to receive a global credit rating. OneFi is also dropping the…