Weza Tele A FinTech Startup In Kenya, Acquired For $1.7m by AFB
Weza Tele is a Kenyan financial tech startup that provides consumers with value added mobility solutions in trade, distribution, supply chain and mobile payment integration. The startup currently boasts of operations in Kenya, Nigeria, Zimbabwe and Tanzania.
The startup company has been acquired by AFB for $1.7 million and is said will be transitioning and integrating with its acquirer over the next few months. Weza Tele, CEO, Hilda Moraa has assured current Weza Tele customers of a smooth transition that will not interfere with the value of services they will be getting.
In a statement, Moraa further said, “We already share core values and a longstanding relationship; now we look forward to working together more closely as we continue to build solutions and services that will impact the world in a positive way through increased and relevant value propositions that include but not limited to mobility and credit solutions.”
The startup was incubated at the Nailab, and their acquisition prompted the incubator’s CEO to tweet the following:
Mark this date: @wezatele is officially acquired by AFB for $1.7million #Kenyatech #vindication #itsnotfulff #officialnotofficial
— NairobiGarage (@NairobiGarage) April 22, 2015
Weza Tele was in November, 2014 awarded the Frost & Sullivan Entrepreneurial Company of the Year Award. Frost & Sullivan in a statement said the following about the startup:
“Weza Tele has created innovative supply chain solutions for SMEs in the formal sector by using basic mobile technology. The company’s MyOrder enterprise solutions is a quick and easy-to-use ordering platform that increases the visibility between retailers and distributors, and streamlines the overall supply chain management process.
Furthermore, Weza Tele has excelled in an untapped market by tailoring flexible solutions for the small scale supply chain sector. It offers a cost-effective solution to address the challenges faced by SMEs in the supply chain industry and provides valuable tools to drive their sales and marketing.”
Source >> Disrupt-Africa.com