This archive report was first published on 4 September 2019.
On September 4, 2019, Tutuka announced that Apis Partners, as manager of Apis Growth Fund II, has acquired a majority stake in the company.
Apis acquired the stake from Paycorp, which initially invested in Tutuka in 2015 and helped the company expand its international presence, more than tripling in size since the initial investment.
Tutuka is known for its unique processor plus model, enabling fintechs, mobile wallets, apps, and banks in emerging markets to easily issue Mastercard and Visa payment products.
The company has launched programmes with clients such as Octopus in Hong Kong, Grab in Asia, MTN in Africa, and other programmes in the Middle East and Latin America.
Apis Partners was attracted to Tutuka's strong presence across 19 emerging markets and its client base of telcos and wallets, which are the fastest-growing financial service players in those markets.
“The mobile wallet ecosystem is forecast to grow at over 45% p.a. through to 2021, and we believe that Tutuka is extremely well positioned to capitalise on this growth while delivering significant value for these ecosystem owners,” said Matteo Stefanel, Apis Partners' Managing Partner and Co-Founder.
“We are proud to have Apis as investors,” said Rowan Brewer, CEO of Tutuka. “Emerging markets is where the growth and innovation in financial services is happening, and Apis will add to Tutuka's ability to enable fintechs, mobile wallets, apps, and banks to easily issue Mastercard and Visa cards and payment products to their customers.”
