Kenyan fintech startup Kopo Kopo, known for providing short-term business loans, has announced the appointment of Dennis Ondeng as its new Chief Executive Officer (CEO).
According to a report published by TechCabal on Monday, September 16, the leadership change comes 13 months after the Competition Authority of Kenya approved a proposed acquisition of the company by Nigerian neobank Moniepoint Inc.
In addition to Mr Ondeng’s appointment, Kopo Kopo also named Chad Larson as Chief Financial Officer (CFO), Kibet Yegon as Chief Technology Officer (CTO), and Rosemary Muyeshi as Chief Risk Officer (CRO).
The company expressed confidence in the new leadership team’s ability to advance its mission and continue delivering financial solutions to businesses in Kenya.
“We are confident that this dynamic leadership team will further Kopo Kopo’s mission and continue to deliver solutions for businesses in Kenya,” Kopo Kopo was reported to have said in an official statement.
Despite the leadership transition, Moniepoint reportedly confirmed that the acquisition process is still underway. “The transaction is still ongoing but hasn’t been completed yet,” Techcabal quoted a company spokesperson to have said.
Kopo Kopo has been profitable since raising $2.1 million in a Series B funding round in 2015, although the company declined to provide specific financial details, only stating that its valuation is in the “low tens of millions.”
The acquisition, once finalised, would mark Moniepoint’s entry into the Kenyan market. Kenya’s regulators scrutinize acquisitions exceeding KES 1 billion ($7.7 million), and the Competition Authority of Kenya gave its approval for the deal in August 2023.
Kopo Kopo’s extensive network of small and medium-sized business customers positions it as a valuable asset for Moniepoint, potentially strengthening the neobank’s presence in Kenya’s competitive fintech landscape.
