Private equity company Helios Investment Partners has acquired a 76% stake in TPAY Mobile from Egypt’s A15.

TPAY offers direct carrier billing (DCB) services in the Middle East and North Africa (MENA) region. The financial terms of the deal have not been disclosed.

Expanding mobile solutions

TPAY focuses on providing mobile payment solution in regions with low banking presence but higher mobile phone usage. Moreover, it has operations across 16 countries.

It utilises the mobile network operator (MNO) billing relationship and collection network to allow the users to buy digital goods. Users do this by paying from their pre-paid balance or adding them into their respective post-paid phone bills.

The company has more than 33 MNO connections across its operating region. Furthermore, it offers the online merchants a prospective market of 673 million users.

Helios Investment Partners co-founder and managing partner Babatunde Soyoye said: “A15 and TPAY management have built an outstanding mobile payments platform that is profitable and still has a lot of room for growth in Africa and beyond given its applicability to a wide range of payment types and ease of use.”

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By GlobalData

A15 and TPAY’s senior management will retain the remaining 24% stake of the company.

TPAY CEO and co-founder Sahar Salama said: “Helios brings new energy from a vibrant and experienced team. they will drive real value to the business.

“This partnership will expedite TPAY’s strategic growth plans and we are on track to double our year-on-year revenue in 2019.

“Senior management and I are very proud of the business that we have built, and we look forward to taking it to even greater heights with our new partners, and to continue to set new benchmarks for the sector in the region.”