Germany-based marketing tech firm Mitgo Group has acquired UAE-based embedded finance platform Embedded for an undisclosed value, according to the company’s press release. Mitgo acquired the platform in a bid to provide financial services for affiliate publishers. The acquisition will see Embedded founder and CEO Oleg Chanchikov head the new division.

About the new platform: Mitgo is looking to offer its embedded finance services primarily to underbanked affiliate publishers in the MENA, Asia-Pacific, and Latin America regions by facilitating their earnings withdrawal and providing them with several benefits, including access to loans, reduced transaction costs, and reduced exchange commissions.

The firm is looking to capitalize on the sector’s projected growth, which hit USD 14.4 bn last year and is expected to grow to over USD 15.7 bn in 2024. Mitgo plans to drive more than 7% of that transaction volume — estimated at USD 1.5 bn — the company said in a separate press release.

What was said: “Embedded finance solutions help the market grow not just from the top-down approach when a bank offers pre-defined products to its clients, but also from the bottom-up when the industries themselves use financial products to solve the needs and the problems in their core business. I believe, together with Mitgo Group, we will not just change the way the MarTech industry uses financial products but introduce revolutionary solutions that will change the whole market,” Oleg said.

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