Nigerian FinTech Platform Amplify Gets Acquired by OneFi

Amplified Payments Ltd., a fintech company that builds and facilitates payment solutions and digital financial transactions in Nigeria, recently got acquired by One Finance Limited in an effort to increase OneFi’s financial assets.

Paylater is OneFi’s core consumer-facing lending platform which provides hassle-free loans without the need for human intervention or bias in decision making. Through its app, Paylater has deployed over $50M across 750,000 loans, approving over 1,500 loans a day at an average of $80 per loan. In late 2018, the company became the first African fintech platform to secure a credit rating.

Currently, Amplify boasts AmplifyPay, a payment gateway specializing in recurring transactions, and mTransfers, a keyboard banking solution that enables consumers to conduct bill and P2P payments in any chat app. The acquisition will position OneFi to broaden its financial services offerings.

“OneFi’s first acquisition is a strategic decision that kicks off OneFi’s transformation from a digital lender to a diverse digital financial services platform focused on transactions, payments, and loans and will ensure we meet our ambitious goal of doubling our size in Nigeria this year,” said OneFi Founder and CEO Chijioke Dozie, in a statement. “We have long respected the Amplify team for their ability to provide innovative solutions under adverse conditions, and we look forward to blending our expertise to power the future of fintech infrastructure and digital payments in Africa.”

Amplify was launched by co-founders Segun Adeyemi and Maxwell Obi, who connected at MEST, Africa’s Entrepreneurial Training Program. Once off the ground, it scaled quickly and become one of Nigeria’s leading online recurring payment processors, supporting over 1,000 merchants and facilitating digital transactions for four of the country’s largest banks.

Amplify co-founder and CTO Maxwell Obi, will join the OneFi team to oversee the payments direction of the company. “The key factor which stood out in our decision to work with OneFi was that we saw them as an extension of our vision,” Obi said in a statement. “We stepped into this industry to use our payment solutions to facilitate a growing economy, and OneFi’s focus on financial inclusion feeds well into this. It’s a real example of a collaborative effort, and I’m excited to see the next chapter of our development.”

Segun Adeyemi will be departing from the company to pursue other endeavors.