Mitgo Group to Invest $20 Million in Fintech Arm Capy

Mitgo Group, a multinational holding company with B2B and B2C businesses in the MarTech, fintech, mobile solutions, and smart shopping sectors, has initiated its first tranche of a $20 million investment in its fintech business, Capy, over the next three years, as per an emailed press release to Inc. Arabia.

This initial investment aims to develop the platform's early and accelerated payment solutions.

During the first quarter (Q1) of 2024, Mitgo announced its fintech services for affiliate market publishers, including cashback services, media buyers, loyalty programs, and BNPL services. The new venture is based on the UAE's recently acquired embedded finance platform, Embedded, now rebranded as Capy.

Established in 2023 under the leadership of Oleg Chanchikov, Embedded specializes in embedded financial services.

Capy’s first solutions are set to launch in the third quarter (Q3) of 2024, focusing on early payout products. The goal is to reduce payment terms from the current average of 60-120 days to just one day, addressing the issue of long payment waits.

Founded in 2022 by Alexander Bachmann, Mitgo plans to facilitate over 7% of the affiliate marketing transaction volume, expected to exceed $15.7 billion this year.

Capy is currently in discussions with major financial institutions, with partnerships in MENA, Europe, North America, and other key regions to be announced soon.

In January, Mitgo launched Takefluence, a platform designed to connect content creators and social media enthusiasts with brands across the Middle East and North Africa (MENA) region.

Takefluence offers marketers a brand-performance strategy that includes hybrid marketing and cost per acquisition (CPA).

Takefluence aims to attract up to three million users within the next two years.