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Global fintech Unlimit expand operations to Kenya

by Diana Mutheu
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Unlimit, a prominent global fintech and payment solutions company, has launched its operation in Kenya, after the acquisition of a license from the Central Bank of Kenya (CBK).

This development marks a significant milestone in Unlimit’s ongoing expansion across Africa, following its recent acquisition of a license from the Central Bank of Nigeria.

“These licenses establish Unlimit as a reputable provider of payment solutions in the region,” the London-based fintech noted.

As part of its expansion strategy, Unlimit claimed it is dedicated to delivering an exceptional payment experience by incorporating internationally recognized best practices, top-notch security measures, comprehensive merchant analytics, and a user-friendly interface.

“By offering diverse payment solutions, Unlimit aims to meet the preferences and unique needs of local businesses in Kenya. This milestone underscores Unlimit’s commitment to advancing the payment landscape in Africa and empowering enterprises with cutting-edge payment solutions,” read part of the statement in the firm’s blog.

Director for Africa and India at Unlimit, Trevor Goott expressed great enthusiasm about the company’s expansion into Africa and its entry into the Kenyan market, citing the country as an ideal hub for the company to expand its operation in the East African region.

He stated, “I am delighted to welcome Kenya as our second African country, following the recent approval of our Nigerian license. We are also pleased to add Kenya to our global portfolio, enabling our international merchants to access the Kenyan market. The strong demand from our global merchants to establish local operations in Kenya has further motivated us to enter this market. Additionally, given its strategic position in East Africa, Kenya serves as an ideal hub for expanding our operations in the region.”

Unlimit’s Chief Executive Officer (CEO), Kirill Evstratov noted the firm has ambitious plans for Kenya and East Africa. The CEO emphasized the company’s commitment to supporting local businesses in achieving their expansion goals.

“Unlimit has 14 years of successful experience in assisting companies worldwide to enter new markets and expand their customer base and aims to bring this expertise to Africa. The company’s ultimate goal is to establish itself as a benchmark in the payments processing industry, setting high standards for excellence and innovation, and enabling global companies to conduct borderless payments.”

Kenya has become a prominent participant in the African payment ecosystem, earning global recognition for its revolutionary advancements in mobile money over the past 15 years.

This transformative breakthrough has not only propelled Kenya’s economy but has also facilitated the expansion of businesses across various sectors.

Capitalizing on mobile payment technology, Kenya has constructed a strong payment infrastructure that offers favorable prospects for both local and international enterprises seeking to establish themselves in the country.

Through its expansion into Kenya, Unlimit solidifies its position in Africa’s payment landscape and aspires to spearhead the continent’s ongoing payment evolution in the future.

According to Crunchbase, Unlimit is a fintech company that was founded in 2009 and provides financial solutions like card acquiring, Backend as a service (BaaS), International Bank Account Number (IBAN) accounts and card issuing.

Firms offering similar services as Unlimit include France-based Be Ys Pay which specializes in technology payment solutions through cards, tokenization, and transaction processing; and Italy-based IBANWAY which offers financial services for companies and individuals.

Other fintech companies that have recently launched in Kenya include Flutterwave, which provides payment solutions for businesses and has raised a total of $474.5M in funding over 11 rounds.

The firm founded in their latest funding was raised on Feb 16, 2022, from a Series D round.

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