Payhippo, a Nigerian credit-led SME fintech has announced its proposed acquisition of Maritime Microfinance Bank (MFB), a financial institution that specialises in saving products, demand deposits, investments, and micro and SME loans.
The deal, which is more of an acqui-hire, will enable Payhippo to have direct access to Nigeria's Inter-bank Settlement System (NIBSS) and expand access to finance for Nigerian SMEs, if it goes passes regulatory approval.
It will also enable Payhippo to grow its team with experienced professionals from the MFB team, adding in-depth experience from the banking and finance sector that will be of sustainable value to Payhippo’s growth.
Since its launch in August 2019 by Zach Bijesse, Chioma Okotcha, and Uche Nnadi, Payhippo claims to have disbursed over 25,000 loans to small and medium enterprises in Nigeria.
In the third quarter of the year, Payhippo distributed 6,726 loans seeing a 39% increase from its 4,842 loan originations in quarter two. The company earns over $4 million in annualized revenue. Last year, the company closed a $3 million seed round with participation from big-name angel investors and fintech founders in the African tech space.