Mitgo to accelerate payment systems: Germany-based marketing tech firm Mitgo Group made the first investment of a USD 20 mn package into its newly launched UAE-based fintech arm Capy, formerly known as Embedded, according to a press release (pdf). The three-year investment package is aimed at upgrading Capy’s platform, enabling Mitgo to roll out accelerated payment systems for the affiliate marketing industry.

Background: In March, Mitgo acquired embedded finance platform Embedded for an undisclosed value to provide financial services to underbanked affiliate publishers in the MENA, Asia-Pacific, and Latin America regions by facilitating their earnings withdrawal and providing them with services such as access to loans and reduced transaction costs. Following the acquisition, Mitgo relaunched the platform as Capy after receiving additional financing.

What will Capy do? The upgraded platform will offer early payout services to address the gap in catering to underbanked publishers in the market. Using embedded finance tech, Capy aims to slash payment terms from the current average of 60-120 days to one day. The service is expected to launch in 3Q 2024.

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.

IN OTHER INVESTMENT NEWS-

Indian real estate developer Zoya Developments entered the UAE market with a three-year AED 2 bn (USD 540 mn) investment, Trade Arabia reports. Zoya plans to develop projects in Dubai’s Furjan area, Dubai Islands, and JVT, with the first project in Furjan slated for handover in 2026.

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