Tutuka is well known for its unique processor plus model which enables fintechs, mobile wallets, apps and banks across emerging markets to easily issue Mastercard and Visa payment products, such as physical or virtual cards that are linked to the values in their customers’ wallets or accounts.
As financial services focused investors, Apis was attracted to Tutuka’s strong presence across 19 emerging markets, as well as its client base of telcos and wallets that are the fastest growing financial service players in those markets.
Matteo Stefanel, Apis Partners’ Managing Partner and Co-Founder, highlighted that “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.”
Rowan Brewer, CEO of Tutuka, said; “We are proud to have Apis as investors. 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.
“That is true financial inclusion, it’s where the fastest growth will be in the future, and that is why as part of this deal, management and staff have kept a substantial stake in Tutuka.”
Tutuka’s processor plus model allows our clients to easily, cost effectively and quickly link into card schemes without the complexity and slow timelines normally associated with processors.
Apis Partners LLP is a private equity asset manager that supports growth stage financial services and financial infrastructure businesses in Africa and Asia by providing them with catalytic growth equity capital.