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German technology firm Mitgo Group has acquired the UAE-based finance platform Embedded, as it plans to enter the financial services market.
The company did not disclose the value of the transaction, which it said will support plans to launch a new business division – fintech services for affiliate publishers.
Mitgo Group is upbeat about the affiliate marketing space, where spending is forecast to exceed $15.7 billion this year, up from $14.4 billion in 2023.
“In the next three years, Mitgo plans to become a conduit for more than 7% of that transaction volume, which can be valued at more than $1.5 billion, given the sector’s growth,” Mitgo said in a statement.
The new division, which will feature a set of solutions from the field of embedded finance, will enable publishers with a specific focus on underbanked audiences in MENA, APAC and LATAM regions to withdraw their earnings instantly instead of the standard waiting period of 60 to 120 days.
Publishers will also get access to loans, cut down transaction costs and exchange commissions, and speed up transactions, among other benefits.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
