Gozem acquires Beninese fintech, Moneex to launch MOMO offering in Francophone Africa

Francophone Africa super app, Gozem has acquired Beninese fintech startup, Moneex in an undisclosed, according to a statement seen by Bendada.com. Notably, Moneex's co-founders—Florent Ogoutchoro and Henry Ukoha—will retain an equity stake.

This acquisition will empower Gozem to establish a mobile money solution known as Gozem Money, with plans for its launch in Togo and Benin.

“Expanding our financial services through the Gozem Money solution represents the next frontier in our ongoing commitment to delivering essential digital services to our users across Africa. With the addition of the Moneex Team to our ranks, we are poised to accelerate the introduction of our innovative fintech offerings to the market,” says Martial Konvi, Global Head of Product at Gozem.

Established in 2021 under the name Kryptonite Africa and based in Cotonou, Moneex initially specialised in enabling cryptocurrency-based remittances between Europe and Benin. However, in 2022, the company swiftly rebranded as Moneex after recognising a more significant issue: the lack of access to global banking services for African businesses and individuals.

Since then, Moneex has expanded its market scope to include Francophone West African countries and has been offering multi-currency accounts to both businesses and individuals in the same region.

Florent Ogoutchoro, Co-Founder and CEO of Moneex said “Our fintech expertise and Gozem's reach and resources will allow us to accelerate our mission of making better financial services accessible to everyone.”

When it launched in 2018, Gozem concentrated on motorcycle, tuk-tuk, and car taxi transportation, establishing itself as the pioneering ride-hailing app in Togo. However, it has since diversified its offerings to encompass a range of services, such as delivery and logistics, all within a single, multi-vertical Super App.

Gozem is active in 13 cities throughout Togo, Benin, Gabon, and Cameroon. Since its launch in November 2018, the platform has amassed a user community of one million registered members who have successfully undertaken a total of 10 million trips.

The Francophone Africa super app has raised about $46.6 million four years, according to data from BD Funding Tracker and Pitchbook, this includes the International Financial Commission's $10 million investment into Gozem’s vehicle project in Togo and Benin.