The Togo-based startup Gozem has bought the Benin-based fintech company Moneex.
Through its app, Gozem gives on-demand transportation, food delivery, and courier services. Gozem’s CEO, Raphael Dana, said that the founders of Moneex will become shareholders in the company. The exact value of the deal has not been revealed.
This acquisition aims to improve Gozem’s skills by adding Moneex’s knowledge. The idea is to create a mobile wallet service that will allow Gozem to get a license to offer its “Gozem Money” financial service to people in Togo and Benin.
Gozem markets itself as a “super app” and wants to be as popular and widely used as popular Chinese apps like WeChat and AliPay. The company has 160,000 users in four countries, such as Gabon and Cameroon. Its app lets you book rides on motorbikes, tricycles, and cars, and it markets itself as Uber for French-speaking West Africa. Fourteen partners, including the International Finance Corporation of the World Bank, have given Gozem $46.6 million.
Moneex altered its focus in 2022 from providing cryptocurrency-based payments between Europe and Benin. It began offering multi-currency accounts to businesses and individuals. Gozem acquired the company and integrated its services to strengthen its offers while seeking investment.
Gozem has made two acquisitions since its 2018 start. The company bought Togo-based meal delivery service Delivroum in 2020 for an undisclosed price.
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Gozem’s super app vision persists
Gozem still believes in super applications, even though their popularity in Africa has declined. Gozem thrives while Chinese-backed firm OPay abandoned its super app ambitions due to regulatory issues. Food delivery and courier services in Lome and Cotonou depend on motorcycles. Commercial motorcycle use is safe in these regions due to strict safety laws.
To entice more people, Gozem offers value-added services like automobile financing. Adding a payments company to establish ‘Gozem Money’ fits with its expansion objectives, which include expanding into additional CFA currency countries and seeking acquisitions.
Gozem CEO Raphael Dana said currency stability convinced them to start in Togo and grow beyond the Francophone region. To encourage learning without fierce competition, they chose a small market, unlike Nigeria. The CEO stressed that on-demand transportation is essential in their chosen regions daily.
Things to Know About Gozem
Gozem is an excellent app with about 160,000 unique users in four countries, such as Gabon and Cameroon.
Its app lets you book rides on motorcycles, tricycles, and cars, and it markets itself as West Africa’s Uber for French-speaking people.
Gozem has raised $46.6 million from backers, including the International Finance Corporation of the World Bank.
Gozem has bought two companies since its start in 2018. The first was Delivroum, a food delivery service in Togo, for an unknown amount in 2020.