DPO Group: Story, Founders, Investors & Funding Rounds
DPO is the largest and fastest-growing African payment gateway. They offer small and medium-sized businesses, right up to global companies, the solution, the technology, the opportunity, and the support to make and receive online payments wherever and whenever they want.
Developed in-house, their solutions enable customers to make and receive business payments quickly and securely and allow enterprises to trade locally, across borders, and internationally.
Today, they work with over 100,000 merchants enabling modern electronic payments across all currencies and methods – whether debit or credit cards, mobile money, or e-wallets.
They also serve clients in many dynamic sectors, including airlines, hotels, restaurants, e-commerce, schools, insurance, car rental, and travel agents across Africa.
They are a Payment Service Provider (PSP), focussing on facilitating the online payment process. A single connection to DPO allows your business to accept credit and debit cards, mobile money payments, and bank transfers.
Additionally, they have partnered with over 50 African banks; including the Standard Bank Group, EcoBank, Equity Bank, UBA, KCB Bank Kenya, Diamond Trust Bank, Barclays, First National Bank, Nedbank, and Absa all supporting our robust program of investment to drive Pan-African commerce, financial inclusion, and economic development.
How it Works
DPO Group accepts all major payment methods, including credit and debit cards, bank transfers, and mobile money payments like PayPal, M-Pesa, Tigo Pesa (Tanzania), Airtel Money, and MTN (Zambia, Uganda, and Rwanda).
Being a cloud-based solution, DPO Pay can be used by your shoppers globally.
Their mobile payments app helps businesses of all sizes accept payments from their mobile device across Africa. Request a payment in person or by link allowing your customers to pay with leading mobile money wallets, credit and debit cards, and more.
Additionally, for security purposes, a rolling reserve is an amount held by banks for all card payments. With no report of chargebacks, the rolling reserve is usually released after 180 days once the transaction is verified.
DPO no longer charges set-up fees. Newly onboarded merchants are no longer required to pay a set-up fee they also settle to all banks worldwide. In Kenya and Tanzania, they can pay funds to your DPO Card.
DPO Virtual Card
With the DPO Virtual Card, qualified Merchants can receive the same-day settlement and easily create a single or multiple-use Virtual Card, securely used for online purchases worldwide.
The DPO Card
Their multi-currency DPO Card is 3DS-enabled and gives you instant access to your funds for in-store and online purchases to help your business grow.
Finding new ways to make your life easier is at the heart of what they do at DPO. The latest in a series of updates designed to create a better experience for you, the merchant, is to improve the look and feel of your dashboard.
Eran Feinstein is the Co-Founder and CEO of 3G Direct Pay LTD.
He previously worked at Enoyaone as a CEO and Founder.
Eran attended Reichman University (IDC Herzliya).
Offer Gat is the Founder and Chairman of 3G Direct Pay LTD.
He previously worked at EL AL Israel Airlines as a VP of Global Sales.
Offer Gat attended Tel Aviv University.
Peter Harvey is the Founder of PayGate.
Peter Harvey has had jobs including Managing Director at DPO Group, Managing Director at PayGate, and Founder at PayGate Limited.
Investors & Funding Rounds
DPO Group has been acquired by Network International, Dubai-headquartered payments giant in a $288 million deal.
The acquisition will see DPO Group continue to operate under the same brand while being wholly owned by Network International.
DPO Group’s executives will own stock in Network International as part of the transaction.
After decades of being mainly focused on serving Middle East clients, the acquisition of DPO Group allows Network International to boost its African operations.
DPO Group already provides payment services to nearly 50,000 merchants across the 19 African countries it currently operates. Early projections show Africa could account for 40% of Network International’s annual revenues by 2024, up from 27%.
Additionally, DPO Group had raised a total of $15 million in funding in two rounds which were both led by London-based financial services investor Apis Partners.
The company’s acquisition is also the validation of sorts for Africa-focused technology ventures.
Following years of record-breaking investment in African startups, there has been a growing expectation of a shift toward the possibility of big-money exits for investors in the continent’s maturing ecosystems.
Perpay: This is an all-in-one FinTech app providing underserved consumers with an easy way to make purchases, pay over time, & build credit.
LeapFrog Investments: It is a private equity investment company.
Paystack: It lets businesses accept payments via credit card, debit card, money transfer, and mobile money on their websites or mobile apps.
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