Nov 19, 2023

13 Views Share Togo-based startup Gozem, which offers on-demand transportation and delivery services via its app, has acquired Benin fintech company Moneex. The move aims to strengthen Gozem’s capabilities and support its plans to launch a mobile wallet service in Togo and Benin. Gozem did not disclose the value of the deal. However, Moneex’s founders will become shareholders in Gozem. Gozem CEO Raphael Dana said the acquisition will integrate Moneex’s expertise to help Gozem obtain licensing for its proposed “Gozem Money” financial services. The super app is a leading on-demand platform in French-speaking West Africa. Its services include ride-hailing, food delivery and courier services across motorbikes, tricycles and cars. Gozem has 160,000 users across Togo, Gabon, Cameroon and other countries. The startup has raised $46.6 million from 14 partners, including the World Bank’s International Finance Corporation. This funding supports Gozem’s regional expansion strategy. Moneex pivoted in 2022 from cryptocurrency payments between Europe and Benin. It began offering multi-currency accounts to businesses and consumers. The alignment with Gozem’s goals made it an attractive acquisition target. Gozem previously acquired Togo food delivery service Delivroum in 2020, marking its second acquisition since launching in 2018. Despite declining super app popularity in Africa, Gozem remains committed to the model. Its motorcycle reliance creates accessibility, while added services like car financing attract users. Adding payments capabilities furthers the super app vision. Gozem chose Togo’s stability to start small and learn before facing intense competition. The CEO stressed that on-demand transit fills essential daily needs in its markets. With Moneex’s fintech expertise, Gozem can offer a wider range of convenient services through its app. Integrated mobile payments provide a seamless user experience to drive engagement and growth.