Mitgo Group Acquires UAE’s Embedded for Entry into Financial Services
- ByStartupStory | March 14, 2024
German tech firm Mitgo Group acquires UAE-based finance platform Embedded, signaling entry into financial services.
The transaction’s value remains undisclosed, as Mitgo Group aims to launch a new business division focusing on fintech services for affiliate publishers.
Mitgo Group expresses optimism about the affiliate marketing sector, projecting spending to surpass $15.7 billion this year, up from $14.4 billion in 2023.
According to Mitgo, it plans to facilitate over 7% of this transaction volume in the next three years, potentially exceeding $1.5 billion in value.
The company’s statement highlights its vision for the new division, offering embedded finance solutions tailored for underbanked audiences in MENA, APAC, and LATAM regions.
Quoting from Mitgo’s statement, the new division aims to empower publishers by allowing instant withdrawals, eliminating the typical waiting period of 60 to 120 days.
Additionally, publishers will gain access to loans, reduce transaction costs, streamline exchange commissions, and accelerate transactions, among other advantages.
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