The international company Equiti Group announced the acquisition of Cloud Invest, a provider of digital payment technology.
The acquisition of Cloud Invest will enable Equiti to open up access to digital payments and services for its clients. It will also increase Equiti's operational efficiency and open up a new source of revenue.
"This strategic acquisition marks a significant step towards expanding our capabilities in the digital payments sector," said Mohamed Alahmad, Chief Managing Director and Co-founder of Equiti Group.
Mohamed Alahmad also believes Cloud Invest's 10 years of experience working with banks, financial institutions, and partners such as Mastercard, Visa, and Network International will allow Equiti to expand its service offerings in this area, PR Newswire reported.
"We are thrilled to join Equiti Group and look forward to jointly becoming a unicorn in the global fintech space," Otman Ayoujil, CEO of Cloud Invest, commented.
Statistics from a Grand View Research report show that the size of the global digital payments market was estimated at $81.03 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 20.8 percent from 2023 to 2030.
Earlier, we wrote that FXPesa, owned by Equiti Group, is opening an education center in Uganda.
Equiti is the joint name of the companies that make up the conglomerate Equiti Group Ltd. Holding, formed in 2008. Equiti offers favorable trading conditions for investors and traders of all levels.
