Priya Patel
TLDR:
Mastercard has acquired a minority stake in MTN Group Fintech, the fintech unit of African operator MTN. The deal, worth $200m at a valuation of $5.2bn on a cash- and debt-free basis, is subject to customary closing conditions. MTN said the deal would support the growth of its fintech business and continue the development of financial inclusion in Africa. It added it would also continue to explore value-enhancing partnerships and investments with other strategic partners.MTN strikes $200m investment deal with Mastercard
Mastercard has completed a $200m investment in MTN Group Fintech, the fintech unit of African telecom firm MTN. While MTN did not specify how big a stake Mastercard would secure, it said the deal would help develop its financial inclusion effort. As part of the agreement, Mastercard and MTN will continue collaborating to accelerate fintech growth.
Mastercard has agreed to acquire a minority stake in MTN Group Fintech for $200m. The investment comes with a valuation of $5.2bn, and is still subject to customary closing conditions. The strategic partnership between Mastercard and MTN Group Fintech will accelerate the latter’s financial inclusion support in Africa. In a statement, Mastercard said, “this relationship is a key enabler for the acceleration of our fintech business’ payments and remittance services…”
