Dubai – Sharikat Mubasher: Mitgo Group announced launching a $20 million fintech startup called Capy, targeting the MENA market, in a package that will be distributed over the next three years.

 The initial tranche will be allocated towards developing the platform’s first version, with a particular focus on early and accelerated payment solutions, according to a recently published press release.

Back in Q1 2024, Mitgo Group announced the launch of fintech services for publishers of the affiliate market - cashback services, media buyers, loyalty programs, BNPL services, and many others.

 The new direction was planned to be launched on the basis of the recently acquired UAE embedded finance platform Embedded, whose team has extensive experience in fintech.

Since this acquisition, the business has received additional funding and comprehensive support and has been relaunched as Capy within Mitgo's global holding company, which already has more than 15 businesses under its wing.

According to conservative estimates, affiliate marketing spending reached $14.4 billion in 2023 and will exceed $15.7 billion this year. In the next three years, Mitgo plans to become a conduit for more than 7% of that transaction volume, which can be valued at more than $1.5 billion given the sector's growth.

The investment in Capy is aimed at realizing this plan as soon as possible. The first solutions will be launched in the third quarter of 2024.

Leading financial institutions have already recognized the enormous potential of these solutions.  Right now, Capy is in talks with a number of major players in the financial industry - banks, payment systems, e-wallets, and others. Partnerships with financial market leaders in MENA, Europe, North America, and other key regions will be announced soon.