M-KOPA acquires Finnish device-locking company KilpiTek Oy for $8 million

Share

Share

M-KOPA, the Kenyan pay-as-you-go startup, has acquired Finnish software company KilpiTek Oy for $8 million, bringing in-house the technology central to its smartphone financing model.

The company acquired 100% of KilpiTek’s voting shares on March 26 in a cash-and-stock transaction, according to M-KOPA’s financial disclosures. M-KOPA paid $2.67 million in cash, with the remaining $5.33 million comprising equity and other consideration, including M-KOPA ordinary shares, deferred consideration, and remuneration.

The acquisition gives M-KOPA direct control of KilpiTek’s device-locking…